Swiss asset manager Bellevue Group is mulling the sale of Bank am Bellevue, its banking arm.

Bank am Bellevue focuses on entrepreneurial private clients, offering them wealth and investment advisory services.

Bellevue confirmed that it has already carried out negotiations with interested parties regarding the sale.

However, the firm stressed that no deal has been finalised.

Commenting on the move, Bellevue said: “As communicated on the occasion of the annual financial statements on 26 February 2019, the Bank’s repositioning in the current environment is proving difficult.

“The results achieved so far do not correspond to the expectations and ambitions of the board of directors and group management.

“Against this background, Bellevue Group is reviewing various strategic options for Bank am Bellevue.”

Consolidation activities have picked up pace in the Swiss private banking space recently.

Earlier this year, Geneva-based GS Banque and Lugano-based Banca Arner merged operations.

Gonet & Cie and Mourgue d’ Algue & Cie agreed to merge in July last year.

In the same month, Vontobel acquired Notenstein La Roche Privatbank from Raiffeisen Switzerland.

Later in 2018, Banque Heritage and Sallfort Privatbank agreed to combine their businesses.

Another notable deal in Swiss private banking in recent times is the purchase of BSI by EFG International.

Source : verdict.co.uk