Cantonal Bank Takes Stake in Genevan Private Bank

Nick Parmee

28 April 2009

The Banque Cantonale du Valais has acquired 20 per cent of the share capital of Banque Genevoise de Gestion. In becoming a shareholder in this Genevan private bank, BCV has reached a new stage in the development of its wealth management business, which it has been developing for the last 15 years. The terms of the acquisition were not disclosed.

BCV hopes to build new synergies and reinforce its strengths in local private banking, centred on a traditional clientele. The firm also hopes to benefit from the potential of the canton’s tourist resorts for offering investment advice.

BCV sees in BGG a partner with a complementary business model, offering access to the internationally renowned financial markets of Geneva.

Previously a somewhat peripheral activity, wealth management took off for BCV when it became a limited company. Assets under management have risen from SFr1.41 billion ($1.23 billion) in 1993 to over SFr5 billion at 31 December 2008.