Lugano-based Banca del Gottardo is to return SFr100 million to its shareholders thereby reducing its share capital from Sfr170 million ($82 ...

Lugano-based Banca del Gottardo is to return SFr100 million to its shareholders thereby reducing its share capital from Sfr170 million ($82 million) to Sfr70 million. After this transaction there will be 700,000 bearer shares outstanding, each with a par value of SFr100. Swiss Life bought Gottardo in 1999 but tried to sell the bank two years ago, although at the time it failed to receive a satisfactory offer. In 2006 Gottardo began a strategy of placing more emphasis on its private banking business. As part of this strategy, Christoph Weber, currently deputy to the chief executive of ATAG Asset Management, is to join the bank on 1 March 2007. As a member of the executive board, he will be responsible for managing and expanding the private banking business in Switzerland's German and French-speaking regions as well as in Luxembourg. He will be predominantly based in Zurich. This business area is currently led on an interim basis by Gottardo chief executive Rolf Aeberli.