Zurich-based Swissfirst plans to merge with Bellevue Holdings, which runs Bank am Bellevue and Bellevue Asset Management. Bellevue's staff, who own the bank, will acquire up to a 50 per cent stake in Swissfirst, with Swissfirst in turn acquiring Bellevue's operating business. Swissfirst said the transaction volume amounts to SFr300 million ($239.1 million), to be financed through the issue of 500,000 bearer shares as conditional capital and through debt financing. A capital increase also remains an option, the company said. The newly merged group will manage around SFr10 billion in assets. The group's chief executive will be Thomas Matter, chief executive of Swissfirst. Its board chairman will be Martin Bisang, a Bank am Bellevue board member. No reductions in staff are planned as a result of the merger, Swissfirst said. Swissfirst added that the move is an attempt to address consolidation in the banking industry.