August 23, 2019 KBL epb bank makes acquisition in Switzerland

LUXEMBOURG/ZURICH - The Luxembourg-based bank on Tuesday announced the acquisition of Bank am Bellevue, a Swiss asset manager, whose business it wants to expand.
The bank KBL epb is establishing itself in Switzerland, a country where it no longer had a business. The Luxembourg-based bank announced on Tuesday the acquisition of Bank am Bellevue. It is a Zurich-listed wealth management company on the SIX Swiss Exchange, the country's leading stock exchange.

The amount of the transaction has not been announced. Dagmar Kamber Borens, currently at Credit Suisse, will join the group on 1 September, KBL epb also reports, to become CEO of the Swiss operations, subject to regulatory approval.

Bank am Bellevue currently has 22 employees, who manage 1.6 billion euros in assets. The new acquirer "intends to quickly recruit additional staff in Switzerland, with a particular focus on private bankers," said its CEO, Jerg Zeltner, as quoted in a statement. The acquisition is the seventh for KBL epb in the last five years.