SWITZERLAND - Banking groups Lombard Odier & Cie and Geneva-based Darier Hentsch & Cie have join forces in an aggressive bid to target European business.
The deal - the details of which remain undisclosed - will create a limited partnership called Lombard Odier Darier Hentsch & Cie. The new firm will continue with its core activities around private and institutional portfolio management.
The merger will come into effect as of July 1 and will create one world’s largest private banks with a total of CHF140bn assets.
The new group will have a network of around 20 subsidiary and branch offices worldwide along with 2,000 employees. Job losses are expected across both firms although numbers were not available at this stage.
The bank will comprise two limited partnerships consisting of a passive partnership, the Compagnie Financière Lombard Odier Darier Hentsch, and an active partnership, Holding Privé de MM. Lombard Odier Darier Hentsch.
The partnership will comprise 14 managing partners. Thierry Lombard and Pierre Darier become joint senior partners. Operational management of the group will be delegated to an executive committee chaired by Bernard Droux and composed of nine members, three of whom will be partners.
The new structure also includes 12 senior executives.
By Madhu Kalia
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