Berenberg Bank (Schweiz) is to rebrand as Bergos Berenberg after a group of entrepreneurs purchased a majority stake in the company.

Adrian Keller, Andreas Keller, Michael Pieper, Andreas Jacobs and Claus Budelmann bought 80.1% of the bank's shares, leaving the previous shareholder, Berenberg, Gossler & Co. KG (Berenberg), with 19.9%.

The bank confirmed in a statement that the range of services and products offered to clients will remain the same despite the name change.

Commenting on the acquisition, Hans-Walter Peters, spokesman for the general partners of Berenberg Bank (Schweiz), said: ‘We want to concentrate our resources on expanding our own core business areas, in which we continue the strong growth of recent years. This is facilitated by a reduction in administrative and regulatory complexity.’