Quintet, the parent firm, is the organisation formerly known as KBL. It recently acquired the Bellevue private banking business in Switzerland, and that deal has won regulatory approval.

Europe’s Quintet Private Bank has opened for business in Switzerland, having won regulatory approval to buy Bank am Bellevue.

The Swiss business, located in the centre of the Zurich financial centre, expands Bank am Bellevue’s base of domestic and international clients, Quintet said in a statement yesterday. 

The office opening was announced on the same day that Luxembourg-based Quintet, which was recently renamed as part of a branding overhaul, completed its purchase of Zurich-based Bank am Bellevue – the wealth management business of the Bellevue Group. The deal has been blessed by regulators.

“Under the leadership of CEO Emmanuel Fievet and with some 40 staff, half of whom formerly served at Bank am Bellevue, the firm aims to carve a niche in this highly competitive space by combining the agility that comes with smaller size and the group’s financial resources and reach,” Quintet said. 

The Swiss firm intends to double its headcount over the next 12 months, Quintet said.

“Today, as we mark the closing of this important transaction, we are opening new doors of opportunity for people with an entrepreneurial mindset,” said Fievet, a member of the Quintet group executive committee since October 2019 who earlier served as CEO and head of International Private Banking at Edmond de Rothschild (Suisse). 

Quintet is the parent of a number of European private banking organisations, including Brown Shipley in the UK.