Luxembourg-headquartered wealth manager Quintet Private Bank has agreed to refer the clients of its Switzerland unit to Lugano-based banking group PKB.
The pact follows Quintet’s decision to wind down its Swiss operations after its non-core startup business in the country has been hampered by the global pandemic.
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The referral partnership agreement will enable Quintet’s current private banking clients to transfer their assets to PKB.
PKB said in a statement: “As boutique, independent and privately-owned private banking specialists, PKB and Quintet Group share a common set of values and a similar strategic vision of serving their clients.
“The agreement further proves PKB’s commitment to strengthening its local presence in Zurich, a core market since the Bank’s early establishment in 1958.”
Quintet entered the Swiss market in May last year, following the acquisition of Zurich-based Bank am Bellevue.
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By GlobalDataIts Swiss unit was said to employee 87 staff and manages €1.85bn in client assets in the country.
The decision to shutter the Swiss unit was taken after the firm realised it would take longer than expected for the unit to achieve profitability and would require more human resources, energy and capital.
At the time, Quintet said that its plans to shutter the Swiss unit will not impact the activities, clients, and staffs in its other European markets and the UK, where it plans to invest further.
Quintet Group CEO Jakob Stott said at the time: “Our existing core European and UK businesses are even more strongly positioned for the future following the merger of our EU-based subsidiaries and came through the pandemic very well. Consequently, we see clear opportunities to invest further and grow our core franchise.
“We have reviewed our growth strategy and re-examined our priorities in that light, looking ahead to the post-pandemic world.”
Quintet, which was formerly known as KBL epb, operates across 50 European cities.
