Zurich, Switzerland, 27 June 2013 - The Swiss wealth management boutique Falcon Private Bank has signed an agreement to acquire the Central and Eastern Europe private banking business of Hyposwiss Private Bank Ltd. Zurich, a wholly owned subsidiary of St. Galler Kantonalbank.
Subject to regulatory approvals, the closing is expected in the third quarter of 2013.
"It is our strategic ambition to become a leading Swiss private banking boutique focusing on emerging markets and this acquisition brings us one decisive step forward. The acquisition of the Central and Eastern Europe business of Hyposwiss Private Bank is a perfect strategic match in terms of business model, client segment and key markets, and we look forward to broadening our global footprint in Eastern Europe and sharpening our emerging market focus together with our new colleagues," says Eduardo Leemann, Chief Executive Officer at Falcon Private Bank.
Roland Ledergerber, Chief Executive Officer of St. Galler Kantonalbank and Chairman of the Board of Directors of Hyposwiss Private Bank Zurich, commented on the transaction as follows: "We are proud to have found a strong and dynamic group such as Falcon Private Bank to ensure continuity, stability and security for our valued clients and for our dedicated team of professionals. We are extremely confident that Falcon Private Bank is the best match to continue building on our team's successful private banking business in Central and Eastern Europe."
The purchase price for the transaction will not be disclosed.
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Falcon Private Bank Ltd. is an experienced Swiss private bank specialized in asset management for high net worth private clients and families. Its clients all over the world enjoy the benefits of over 40 years of experience in Swiss private banking and the financial strength and solidity of its owner aabar Investments PJS. Falcon Private Bank is based in Zurich, Switzerland with branches and representative offices in Geneva, Abu Dhabi, Dubai, Hong Kong and Singapore. www.falconprivatebank.com
Media Contact:
| Irene Franco Falcon Private Bank Ltd. Head of Communications, Media Relations +41 44 227 57 32 irene.franco@falconpb.com www.falconprivatebank.com |
