Banque Piguet & Cie's merger with Banque Franck Galland & Cie is expected to complete on 31 March, this publication has learned. BP is combining with the other bank for an undisclosed sum, Banque Piguet’s chief executive, Christopher Preston, told WealthBriefing yesterday. 

BP is majority owned by Banque Cantonale Vaudoise (BCV).

The transaction was originally announced last December. BCV said at the time in a statement that it had reached an agreement with Johnson Financial Group to acquire Banque Franck Galland & Cie, to then merge it with Banque Piguet to create Banque Piguet Galland & Cie SA. The new entity, with SFr8 billion (around $8.5 billion) of assets, will focus mainly on the Swiss market, Banque Piguet said. It will be present in Geneva, Lausanne, Neuchâtel, Nyon, Yverdon-les-Bains and Lugano and will be headquartered in Yverdon-les-Bains, with additional administrative offices in Geneva.

Clients of each bank will keep their current advisor. As the new bank will require approximately 160 staff, the headcount is expected to be reduced by around 30 over the long term, mainly through attrition, the statement added.