Hyposwiss Agrees To Buy CPCI's Assets As Swiss Consolidation Trend Rolls On

Tom Burroughes

2 October 2017

has agreed to buy the private and institutional clients of Compagnie Privée de Conseils et d'Investissements. The latter business oversees SFr700 million (around $722 million) in client money and the pact continues a trend of consolidation in Switzerland's wealth and private banking sector.

This transaction is subject to regulatory approval in Switzerland and follows the acquisition, at the end of June, of Firmanor Financial Management, a wealth management company in Zürich.

Financial terms of the agreement weren't disclosed.

Nabil Jean Sab, chief executive, will be appointed to the board of directors of Hyposwiss.

Under terms of the agreement, Hyposwiss will integrate the employees in charge of managing transferred customers, coming mainly from Switzerland and the Middle East. This integration will include the head of the institutional in Geneva and the head of the CPCI in Basel, Hyposwiss said in a statement late last week.