Switzerland-based Falcon Private Bank has agreed to acquire the Central and Eastern Europe private banking business of Hyposwiss Private Bank Zurich, a wholly owned subsidiary of St. Galler Kantonalbank.
Eduardo Leemann, CEO of Falcon Private Bank, said: "It is our strategic ambition to become a leading Swiss private banking boutique focusing on emerging markets and this acquisition brings us one decisive step forward.
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"The acquisition of the Central and Eastern Europe business of Hyposwiss Private Bank is a perfect strategic match in terms of business model, client segment and key markets, and we look forward to broadening our global footprint in Eastern Europe and sharpening our emerging market focus together with our new colleagues."
Commenting on the acquisition, Roland Ledergerber, CEO of St. Galler Kantonalbank and chairman of the board of directors of Hyposwiss Private Bank Zurich, said: "We are proud to have found a strong and dynamic group such as Falcon Private Bank to ensure continuity, stability and security for our valued clients and for our dedicated team of professionals.
"We are extremely confident that Falcon Private Bank is the best match to continue building on our team’s successful private banking business in Central and Eastern Europe," added Ledergerber.
Subject to regulatory approvals, the acquisition is expected to be completed in the third quarter of 2013. The value of the transaction was not revealed.
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