Swiss private banking group Banque Heritage has completed the acquisition of a book of portfolio business from wealth manger Banque Hottinger & Cie, which is currently in insolvency.
As part of the deal, Banque Heritage will acquire secured deposits of up to CHF100,000 as well as assets held in custody.
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The acquisition comes as part of Banque Heritage’s efforts to boost its presence in a number of emerging markets as well as in Europe, Switzerland, and the Middle East.
Financial terms of the transaction have not been disclosed.
This deal follows Banque Heritage’s purchase of Standard Chartered (Switzerland) earlier in 2015.
The transaction reflects Heritage’s expansion plan, outlined in February 2015 by CEO Carlos Esteve, of acquiring select private banking assets from other financial institutions to strengthen its position in key markets.
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By GlobalDataBanque Heritage currently manages over CHF6bn with offices in Zurich and Lugano and subsidiaries in Guernsey and Montevideo.
