Luxembourg-based Quintet Private Bank is working towards closing down its Swiss operations. This arm is closing after launching only 16 months ago, on the back of its acquisition of Bank am Bellevue in 2020.
Quintet is now holding talks to determine the most strategic way to reduce its workforce in the Swiss market, as a precursor to the final closure of its business in that market.
Upon the conclusion of its deliberations and upon obtaining the necessary regulatory approval, further resolutions will be reached regarding the form and timing of Quintet’s exit from the Swiss market, which the firm has said may take the form of a “sale or wind down”.
The lender has assured that its exit from its Swiss market will have no effect on its operations, clients, and employees elsewhere in Europe and the UK, where the private banking group has promised to scale up investments in sustainable and swift long-term growth.
Quintet Switzerland has over 87 employees and has over €1.85bn (£1.57bn, US$2.14bn) in client assets under management.
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