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Banque Cramer Completes Acquisition Of Swiss Wealth Manager

Swiss private bank Banque Cramer & Cie, a subsidiary of Norinvest Holding, has acquired Valartis Group's banking and wealth management subsidiaries for an undisclosed sum.
Swiss private bank Banque Cramer & Cie, a
subsidiary of Norinvest Holding, has acquired Valartis Group's
banking and wealth management subsidiaries for an undisclosed
sum.
As result of the deal, Banque Cramer & Cie SA will increase its
client assets under management by SFr4.8 billion ($5.16 billion),
Valartis said in a statement.
In addition, Valartis
Group has agreed to take a stake of approximately 25 per cent
in Norinvest Holding.
Valartis Group will be granted one seat on the board of directors
of Norinvest Holding and one seat on the board of directors of
Banque Cramer & Cie. Valartis Group and Norinvest Holding are
both listed on the SIX Swiss Exchange.
The transaction has been signed subject to the approval of the
Swiss Financial Market Supervisory Authority (FINMA) and is
expected to be completed in the second half of 2014.
Subsequent to the transaction, both banks will be merged in order
to pool resources in the international sector of private banking
for wealthy private and institutional clients.
“Valartis Group will further focus its strategy on the business
units private banking and wealth management of its banks in
Liechtenstein and Austria. These units manage client assets in
the amount of SFr6 billion. With a minority stake in Norinvest
Holding, Valartis Group will continue to participate in the Swiss
wealth management market. The board and the group management are
confident that a merger of these two banks will be the basis for
a strong platform and future growth,” said Gustav Stenbolt, group
CEO of Valartis Group.
Valartis Bank and Valartis Wealth Management are wholly owned
subsidiaries of Valartis Group and have offices in Zurich, Geneva
and Lugano, employing 60 people.Total assets of Valartis Bank
were SFr885 million as at 31 December 2013.