Swiss private banks Banque Heritage and Sallfort Privatbank have agreed to merge their operations on 3 January next year.

Both the companies decided to combine their businesses as proportionate equals.

The combined entity, to operate under the name of Banque Heritage, will have a stronger capital base and footprint in Switzerland.

In addition, the new company will provide a broader product offerings and services. Total assets under management of the firm will be CHF6bn.

Sallfort Privatbank CEO Johannes Barth said: “Sallfort has enjoyed four decades of uninterrupted success. We are delighted to enhance opportunities for our clients thanks to this merger.

“As Banque Heritage, we can draw on a vast pool of expertise, improve our agility, increase our market penetration, and expand our range of products and services.”

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With its headquarters in Geneva, the directorial board of the merged company will be led by Paul-Andre Sanglard.

Banque Heritage CEO Marcos Esteve said: “Our common heritage makes us perfect partners. Banque Heritage and Sallfort Privatbank both share the determination to safeguard our expertise and to transmit it to the generations to come.”

The executive committee of the new entity will be headed by Esteve as CEO and Barth as deputy CEO.

The existing offices at Zurich, Basel and Sion will also be expanded.

The transaction will have no impact on the venture capital investments held by Sallfor´s clients, the company said.

Once completed, the merged company will offer wealth planning, private banking and family office services, asset management / discretionary portfolio management and investment advisory services.

It will also offer structured products, venture capital club deals as well as external asset management and paying agent services.