Swiss cantonal bank Graubunder said it plans to grow its private banking business through its private banking subsidiary: Privatbank Belleri...

Swiss cantonal bank Graubunder said it plans to grow its private banking business through its private banking subsidiary: Privatbank Bellerive. The private bank grew its assets under management by 20 per cent in 2005, although Graubunder gave no total figure of AUMs for the private bank. Graubunder, which is based in the town of Chur in southeastern Switzerland, also said the “repositioning” of Privatbank Bellerive resulted in a drop in commission income in 2005, but again gave no figures on this fall. Graubunder owns 62.5 per cent of Privatbank Bellerive. The cantonal bank also owns 25 per cent of Private Client Bank – a Zurich-based private client group dealing with the ultra-high net worth. Private Client Bank, whose chief executive is Matthias Eppenberger, a former Goldman Sachs private client banker, owns the rest of Privatbank Bellerive. The cantonal bank also said it plans to close down its private banking operations in Lugano with the retirement of Luigi Ghilardi, the head of its operations in the southern Swiss city. All its business activity in Lugano will be transferred to Chur and St Moritz, according to the bank. Graubunder’s banking operations in Lugano became embroiled in the Parmalat scandal in Italy during 2003. Although issues surrounding the scandal have since been resolved, the bank admits that these undermined its operations in the region.