Switzerland’s Oldest Private Bank Opens in Geneva

Paul Adams

29 March 2007

Two-and-half years after Wegelin & Co first established a presence in French-speaking Switzerland with the opening of an office in Lausanne, it has now set up a new branch in Geneva with a team of ten people. Founded in 1741 at St Gallen, the bank Wegelin & Co is now present in eight Swiss cities and is the top Swiss firm of private bankers in terms of the number of branches. It is managed by five partners each with unlimited liability. The new office in Geneva marks an important step in Wegelin & Co's development strategy. Since 1998, when it inaugurated its first branch in Zurich, the bank has been aiming for strong growth, focusing entirely on Switzerland. With a staff of some 270 the bank manages assets of SFr17 billion ($14 billion). Wegelin & Co concentrates on local private clients, who account for around 60 per cent of its total client base. "We believe that this segment offers substantial growth potential and is fully in line with our identity," said Adrian Künzi, head of Wegelin in French-speaking Switzerland. The bank has a close relationship with the University of St Gallen, which has enabled it to pioneer the development and introduction of structured products in the Swiss market.