September 17, 2018 / 9:45 AM / 3 months ago

Germany's Berenberg sells Swiss private bank to investor consortium

ZURICH, Sept 17 (Reuters) - Germany’s oldest private bank, Joh. Berenberg, Gossler & Co KG, has sold a majority stake in its Swiss private banking unit to a group of investors, it said on Monday without giving financial details.

A consortium including entrepreneurs Adrian and Andreas Keller, Michael Pieper, Andreas Jacobs and Claus-G. Budelmann, along with management of Berenberg Bank (Schweiz) AG, are buying a little more than 80 percent of the Swiss bank, to be known in future as Bergos Berenberg AG.

“Thus the Swiss private bank can boost its identity as an independent institution in the Swiss private banking market,” a joint statement said.

The acquired business has 100 staff in Zurich and Geneva, offering private banking, asset management and family office services. It managed 6.7 billion Swiss francs ($6.95 billion) at the end of 2017.

The sale, which still requires Swiss regulatory approval, does not include the Hamburg-based group’s Swiss investment banking and asset management activities, which will still be offered by the group. ($1 = 0.9645 Swiss francs) (Reporting by Michael Shields Editing by David Goodman)

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