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Banque Cramer Completes Acquisition Of Swiss Wealth Manager

Stephen Little Reporter London 20 May 2014

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.

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