Geneva-based GS Banque and Lugano-based Banca Arner are set to merge, the institutions have announced.
The merger will be effective in March 2019, when the two companies will become one legal entity with offices in Geneva and Lugano. The Lugano office will target clients in the Ticino region, Italy and Eastern Europe.
The merger is part of the banks’ effort to boost their presence in their target markets and merge their wealth management activities.
The current CEO of GS Banque, Grégoire Pennone, will be the chairman of the executive committee of the new institution, and the shareholders of both companies will keep their roles within the operational and managerial departments of the new institution.
Commenting on the merger, Banca Arner executive committee member Jean-Jacques Schraemli said: ‘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.’
The new institution will have CHF 2 billion in assets under management.