Nordea Bank’s Luxembourg-based subsidiary has
bought part of Sydbank’s private banking client base in
Switzerland.
The agreement follows Sydbank’s decision to
scale down its Swiss-based activities. The terms of the purchase
were not disclosed.
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Sydbank’s clients will be transferred to
Nordea Bank, Zweigniederlassung Zürich, and incorporated into the
bank’s existing business model, Nordea Bank chief executive Jhon
Mortensen said.
A similar arrangement in 2008 saw private
banking clients from Glitnir Bank in Luxembourg, and
Luxembourg-based Icelandic private bank Landsbanki, transferred to
Nordea.
Nordea Bank has 380 employees in Luxembourg
and Switzerland, and total assets under management of €191 billion
($262 billion).
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