EQS-Adhoc
Bellevue Group AG: Planned restructuring of Bank am Bellevue AG
EQS Group-Ad-hoc: Bellevue Group AG / Key word(s): Strategic Company Decision/Restructure of Company Press release |
Küsnacht, 21 February 2017
Planned restructuring of Bank am Bellevue AG
- Bank am Bellevue AG is planning to cease its brokerage and corporate finance activities
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- Other business activities by Bank am Bellevue not affected
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- Further development of the business for entrepreneurial private clients
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- Strategic focus of Bellevue Group on asset and wealth management
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Bank am Bellevue AG has faced for some time an ongoing erosion of revenues in its core areas brokerage and corporate finance, a situation which was addressed by the board of directors with various actions and initiatives. The board of directors has reviewed the situation continuously taking into account changing framework conditions (ongoing margin pressure, increasing regulatory and technological requirements). As part of its responsibility towards all stakeholders, particularly affected employees, the board has examined a range of strategic options. A valid alternative could not be realized.
After careful consideration the board of directors has concluded that the brokerage and corporate finance activities can no longer be conducted in an economically viable way. In light of this, Bank am Bellevue is planning to cease its brokerage and corporate finance services. This will involve shedding up to 25 jobs. A consultation procedure will start immediately with the employees. The cessation of the business activities in question shall be completed in an orderly manner by mid-2017 and may result in a one-off restructuring charge of estimated CHF 3 - 5 million. The restructuring cost shall be charged in full to the current financial year 2017.