The purchase of Kaleido Private Bank expands Richelieu's Swiss market presence, adding to its operations in France, Monaco and the UAE.

Group Banque Richelieu, a Paris-based international wealth and asset management group, has completed the acquisition of Zurich-based Kaleido Private Bank, expanding its reach into Switzerland and strengthening its international presence. 

Following the acquisition – the financial terms of which were undisclosed – Kaleido will be rebranded as Banque Richelieu Switzerland, subject to regulatory approval. The deal brings the group’s total assets under management to approximately €10 billion ($11.7 billion), according to a statement from Group Banque Richelieu.

With existing operations in France, Monaco and the United Arab Emirates through its Banque Richelieu GCC entity, the group operates across three business lines: wealth management, asset management and investment banking.

The integration of Kaleido is expected to provide clients with access to a broader suite of wealth and asset management services, supported by an international network. The group said its consolidated shareholders’ equity exceeds €200 million, with a tier 1 capital ratio of 27 per cent.

“Switzerland remains the epicentre of wealth management in Europe and is one of the largest international markets,” Sylvain Fondeur, CEO of Compagnie Financière Richelieu, said. “This acquisition is fully in line with our international development strategy and strengthens our position among our clients on a global scale.”

Group Banque Richelieu said it intends to enhance Banque Richelieu Switzerland’s service offering by leveraging synergies across the group’s business lines. The firm highlighted its capabilities in bespoke private banking, corporate finance, and asset management, including equity, fixed income, and money market strategies.

The group has grown its assets under management by more than €7 billion in the past seven years.