Swiss Bank Acquires Banque Profil De Gestion, Falcon Assets

Tom Burroughes

9 November 2020

is expanding through a series of asset acquisitions. It has signed a binding memorandum of understanding with Banque Profil de Gestion’s majority owner, Banco Profilio, to buy the latter’s 60.4 per cent stake in BPDG. ONE Swiss Bank has also bought the entire client portfolio of Falcon Private Ltd in Zurich.

The transaction will take place in the first three months of next year, followed by the merger of the two banks, according to a statement late last week.

The assets under management of the merged entity will reach SFr4 billion ($4.4 billion) rising to SFr5 billion once the operation is completed. The aim of the involved parties is to strengthen synergies between their private banking and asset management divisions (ex-Dynagest, acquired by BPDG in 2018).

When the merger has taken place the bank will be run under a single name, ONE Swiss said.

This Falcon deal, meanwhile, is expected to be fully executed during the first quarter of 2021, prior to the merger with BPDG. To serve its expanded client base, ONE, which already has offices in Geneva and Lugano, will establish a new presence in Zurich with 10 to 15 employees, it said. (To see related stories about Falcon closing its Swiss business, see here.)

“These two transactions are in line with the actions taken in recent years and offer promising perspectives for ONE. Thanks to the expertise of the two companies, we will be able to offer a wider range of products and services and meet our clients’ present and future expectations,” Grégoire Pennone, CEO and representative of ONE’s shareholders, said.