GS Banque and Banca Arner to merge
10 JAN 2019
GS Banque SA, a Geneva-based private bank, and a Lugano-based private bank Banca Arner today (10 January) announced their merger. Financial terms were not disclosed. The new entity’s shareholders’ equity and assets under management will be around CHF 30m and CHF 2bn respectively.
Millenium Associates acted as exclusive advisor to Arner.
Press release:
GS Banque and Banca Arner are pleased to announce their merger today.
Effective in March 2019, the operation will give birth to a new single legal entity with offices in Geneva and Lugano. Its new identity will be revealed in March.
The operation brings together the shareholders of GS Banque (the Pennone family) and those of Banca Arner (the Schrämli, Del Bue and Sciorilli Borrelli families) who know each other well and share the same entrepreneurial values, namely agility, perseverance and integrity. It is above all a union of people who appreciate each other and willing to develop a common project.
The shareholders of both institutions will remain involved with positions at the operational management level and on the board of directors of the new entity. The Lugano office will be an important development centre, targeting in particular the Ticino, Italian and Eastern European markets. The operational management of the new entity will be managed by an Executive Committee chaired by Grégoire Pennone, currently CEO of GS Banque.
“This mutual decision is based on strong personal relationships and shared values. Our two establishments are also imbued with a strong entrepreneurial culture, which, in some respects, unites us even more. This merger is also in line with the external growth operations successfully carried out by GS Banque which have enabled us to quadruple our assets under management in two years and significantly strengthen our shareholders’ equity,” comments Grégoire Pennone.
With this merger, the two banks intend to jointly develop their wealth management activities and strengthen their presence in their target markets. The new entity’s shareholders’ equity and assets under management will be around CHF 30m and CHF 2bn respectively.
“While ensuring that we will continue to offer the same quality of service to our clients, it is necessary to answer to the needs of a new generation, including entrepreneurs, who expect more from private banks than the conservation and transmission of their assets. This merger will therefore enable us to continue our efforts in this direction in order to offer modern private banking services through the integration of new technology and the development of innovative investment solutions,” explains Jean-Jacques Schrämli, member of Banca Arner’s Executive Committee.