Lugano-headquartered PKB Privatbank (PKB) has signed a referral partnership agreement to take on the private banking clients of Quintet Private Bank (Switzerland).
The financial terms of the deal were not disclosed.
This news comes several months after Quintet Group announced that it would discontinue its banking activities in Switzerland.
In connection with the wind-down, Quintet’s current private banking clients will have the opportunity to transfer their assets to PKB and be managed by a team of private bankers located in Zurich.
PKB said in a statement on 20 December 2021: “The agreement further proves PKB’s commitment to strengthening its local presence in Zurich, a core market since the bank’s early establishment in 1958.”
Swiss banking group PKB has four offices including Lugano, Zurich, Geneva and Bellinzona.
