Investcorp buys stake in Swiss private bank

Bahrain-listed alternative investment manager Investcorp has bought a 40% stake in Swiss private bank Banque Pâris Bertrand Sturdza (PBS).

Although financial details of the deal have not been disclosed, the bank has $5.4 billion in assets.

The deal is Investcorp’s first foray into the private banking market and follows its 2016 acquisition of UK private equity group 3i for $287 million.

According to Investcorp’s co-chief executive Hazem Ben-Gacem, private banking is going to be one of the “core offerings” for the company in the immediate future. “The time is right to offer those services to a broader investor base,” he said.

The bank will be renamed Banque Pâris Bertrand to reflect the change in ownership but will retain its operational independence, said Investcorp.

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