News

27 January 2012
Press release

FINMA authorises takeover of Wegelin's non-US business by Raiffeisen

The Swiss Financial Market Supervisory Authority FINMA has authorised the split of Wegelin & Co. (Bank Wegelin) and the takeover of Wegelin's non-US business by Raiffeisen Switzerland. Bank Wegelin will in future only manage its remaining US clients. Bank Wegelin and its remaining managing partners with unlimited liability are responsible for settling any possible legal or financial consequences arising from the US business.

FINMA considers the supervisory requirements for the new Raiffeisen subsidiary Notenstein Privatbank AG, which is taking over Bank Wegelin's non-US business, as well as those for Bank Wegelin to have been fulfilled, and has issued the necessary licences under certain conditions. When reviewing the transaction, FINMA paid particular attention to risks arising from the investigations being conducted by the US Department of Justice regarding Bank Wegelin. It came to the conclusion that the measures foreseen by the parties involved take appropriate account of these risks. In particular, those employees who are especially closely connected to the US business and the managing partners with unlimited liability will remain at Bank Wegelin, and are in no way involved in the new bank. Bank Wegelin's managing partners with unlimited liability remain financially and operationally responsible for settling any possible legal or financial consequences that may arise from the US business.

Contact

Tobias Lux, Media Spokesperson, tel. +41 (0)31 327 91 71, tobias.lux@finma.ch