Landolt & Cie, a Swiss private bank, has merged with the Swiss subsidiary of Banque Degroof Luxembourg to offer more services to clients, according to Reuters.
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The Swiss shareholders will remain in the majority and that the merger will allow the oldest private bank in French-speaking Switzerland to offer a wide range of investment funds alongside its traditional wealth management services.
Upon completion of the transaction, the merged bank will retain the Landolt & Cie name and will also change its status to become a limited company from a partnership with limited liability.
Landolt & Cie spokesman Jean-Daniel Balet declined to comment on whether any money had changed hands or whether there would be any jobs cuts after the merger. The bank will disclose more details in September, he said.
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