Swiss private bank Landolt & Cie has merged with the Swiss subsidiary of Banque Degroof Luxembourg to offer more services to clients, Reuters reported.

Landolt & Cie reportedly said yesterday that Swiss shareholders will remain in the majority and that the merger will allow the oldest private bank in French-speaking Switzerland to offer a variety of investment funds alongside its traditional wealth management services.

The merged bank will retain the Landolt & Cie name and will also change its status to become a limited company, from a partnership with limited liability.

As reported by WealthBriefing, Swiss private banks Mirabaud, Pictet and Lombard Odier have changed their structures to limited partnerships, scrapping the old unlimited liability model as their businesses – and potential risks – have expanded. The development also happens at a time of continued merger and acquisition activity involving Swiss banks in recent weeks, as the Alpine state's financial industry faces a world of rising regulatory costs.

This publication was in correspondence with the bank about the matter but had not received a reply.