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July 3, 2020

Banque Bonhôte buys Zurich private bank Private Client Partners

Banque Bonhôte & Cie has expanded its presence in Switzerland by purchasing Private Client Partners (PCP), a private bank headquartered in Zurich.

The deal, whose financial terms were not revealed, strengthens Banque Bonhôte’s reach in French- and German-speaking Switzerland.

Owned by M.M.Warburg & CO, PCP offers family office services for UHNWIs. Its service suite includes administration, asset consolidation as well as wealth management.

It has CHF1.9bn ($2bn) in assets under management.

The business is now a subsidiary of Banque Bonhôte.

Banque Bonhôte veteran Beat Widmer will be in charge of the subsidiary and its 15-member team.

PCP founder Andreas Bodenmann will remain in an active role with clients.

The services of the new unit will be developed out of Neuchâtel and provided to the bank’s international and French-speaking clients.

Banque Bonhôte was established in Neuchâtel in 1815.

It has operations in Biel/Bienne, Berne, Solothurn, Lausanne and Geneva, and has also announced a Zurich branch.

Banque Bonhôte chairman Jean Berthoud said: “This transaction places us in the category of banks with CHF 5 to 10 billion under management. It allows us to establish ourselves in the centre of Zurich by the River Limmat.

“In terms of both its location and the nature of its services, this entity is exactly what we have been looking to acquire in order to enhance our service offering for our UHNW clients.”

While some bank in Switzerland are thriving, Falcon Private Bank has confirmed that it will pull the plug on its private banking business in 2021 and also said that it is in advanced talks on client relationship transfer.

The bank said that it is with another Swiss private bank to divest and transfer its client portfolio, subsidiaries as well as front-office employees.

The name of the potential buyer was not disclosed.

However, the bank assured that the withdrawal from private banking will be a “controlled and orderly process”.

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