KBL epb Returns to Switzerland With Acquisition of Bank am Bellevue

- KBL epb to seek to grow domestic and international client base of Swiss wealth management firm with €1.6 billion in AuMs 
- Seventh acquisition by KBL epb in past five years

ZURICH and LUXEMBOURG, Aug. 20, 2019 /PRNewswire/ -- KBL European Private Bankers (KBL epb), the pan-European private banking group founded in 1949, announced today the signing of an agreement to acquire Zurich-based Bank am Bellevue, the wealth management business of the Bellevue Group, a diversified financial services company listed on the SIX Swiss Exchange.

The acquisition of Bank am Bellevue – which currently employs 22 staff and manages some €1.6 billion in assets – marks KBL epb's return to Switzerland as part of its ambitious growth strategy under the leadership of Jürg Zeltner, who was recently appointed Group CEO and member of the Board of Directors.

Following closing of the acquisition – expected in the first quarter of next year, subject to regulatory approval – KBL epb will seek to expand Bank am Bellevue's base of domestic and international clients, leveraging the country's status as a global private banking hub and KBL epb's own 50-city network.

According to Zeltner, who has taken a significant ownership stake in KBL epb, the group intends to rapidly recruit additional staff in Switzerland, with a particular focus on relationship managers, to complement Bank am Bellevue's current team.

KBL epb also announced that, effective September 1, 2019, Dagmar Kamber Borens will join the Group as the prospective CEO of its Swiss business, assuming that role upon closing of the transaction and subject to regulatory approval.

Over the interim period, she will focus on developing a compelling growth strategy for this key component of the group's future business, drawing upon her significant experience designing and implementing successful transformation programs in Asia and Switzerland.

Kamber Borens most recently served as Chief Operating Officer for the Swiss unit of Credit Suisse. She earlier served for nearly two decades at UBS in Zurich, London and Singapore in various senior positions.

Commenting on KBL epb's seventh acquisition in the past five years, Zeltner said: "With talented staff, strong client relationships and scalable infrastructure, Bank am Bellevue is an ideal fit for us. Together with that team and under the future leadership of Dagmar, we look forward to putting down roots and growing a robust Swiss business that meets the needs of both domestic and international clients.