September 5, 2018 / 6:52 PM / 15 days ago

Investcorp buys minority stake in a Swiss private bank

DUBAI (Reuters) - Bahrain-based Investcorp INVB.BH has bought a minority stake in a Swiss private bank, Banque Paris Bertrand Sturdza, as a “strategic” investment, it said on Wednesday.

The private bank, which manages $5.4 billion in assets, provides investment advice and customised investment solutions to over 400 high-net-worth individuals, family offices and institutional clients mainly from Switzerland and Europe, Investcorp said, without giving the value of the deal.

The bank will be renamed “Banque Pâris Bertrand SA (PB)”, and will remain operationally independent, Investcorp said.

Investcorp Group manages $22.6 billion in assets including assets managed by third party managers and assets subject to a non-discretionary advisory mandate.

Reporting by Saeed Azhar; Editing by Mark Potter

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