PCP Bank is focused on providing administration, asset consolidation and wealth management services to its Swiss and international clients
Banque Bonhôte & Cie has acquired the Zurich based private bank, Private Client Partners (PCP) from M.M.Warburg & CO, for an undisclosed amount.
Established in 1998, PCP Bank is focused on family office services for Ultra High Net Worth Individuals (UHNWI), providing administration, asset consolidation and wealth management services to its Swiss and international clients.
With the transaction, Private Client Partners becomes a subsidiary of Banque Bonhôte and operates as individual entity, retaining its own identity.
PCP has a client base with CHF1.9bn ($2bn) under management and CHF5.6bn ($5.92bn) of consolidated assets.
Banque Bonhôte chairman Jean Berthoud said: “Our goals to actively participate in the consolidation of the Swiss banking industry has become a reality. This transaction places us in the category of banks with CHF 5 to 10 billion under management.
“It allows us to establish ourselves in the centre of Zurich by the River Limmat. In terms of both its location and the nature of its services, this entity is exactly what we have been looking to acquire in order to enhance our service offering for our UHNW clients.”
Banque Bonhôte was founded in Neuchâtel, and gradually expanded to other regions
PCP founder Andreas Bodenmann will continue to be engaged with clients, while Beat Widmer, an acquaintance of Banque Bonhôte, will lead the subsidiary and its experienced staff of fifteen.
The new subsidiary is planned to gradually expand its services out of Neuchâtel, where it has been offering the existing and prospective international and French-speaking clients.
Banque Bonhôte was founded in 1815, in Neuchâtel, and gradually developed its business to several regions of Switzerland.
Following the establishment of branches in Biel/Bienne, Berne, Solothurn, Lausanne and Geneva, the bank has opened its new branch in Zurich.