Swiss Private Banks Arab Bank Switzerland and Gonet & Cie Enter into a Strategic Business Partnership
Arab Bank (Switzerland) Ltd., a Geneva-based bank created by Jordanian shareholders in 1960, and Gonet & Cie SA, a Swiss private bank founded in Geneva in 1845, entered into a strategic business partnership. Arab Bank Switzerland will acquire a majority stake in the family holding company owning Gonet & Cie and the two banks will combine their offer of products and services, while remaining autonomous banks with their respective name, staff and banking license. The new banking group will be a major actor in the Swiss wealth management industry, with assets under management in excess of CHF 10 billion. The transaction is subject to the approval of the relevant regulatory bodies and is expected to close during the first quarter of 2023.
Bär & Karrer acts as legal advisor to Arab Bank Switzerland in this project. The team is led by Martin Anderson and includes Arnaud Philippe and Vera Waldburger (all M&A & Corporate), Frédéric Bétrisey (Regulatory) and Christoph Suter (Tax).