Nordea buys Swiss private bank's client base

Nordea Bank S.A. has further expanded its international activities by acquiring part of Sydbank's private banking client base in Switzerland.

The agreement was reached after a thorough examination by Sydbank (Schweiz) AG in order to find a partner prepared to take over part of Sydbank’s private banking client base in Switzerland following Sydbank’s decision to partly scale down its activities in Switzerland.

As part of the agreement, clients will be transferred to Nordea Bank S.A., Zweigniederlassung Zürich. This kind of arrangement is not a first for Nordea Bank S.A. In 2008 they took over Private Banking clients from Glitnir Bank in Luxembourg, and shortly thereafter made a similar deal with another Luxembourg based Icelandic private bank, Landsbanki.

Nordea Bank S.A. CEO Jhon Mortensen, CEO at Nordea Bank S.A.: "Coupled with our wealth management abilities, we are a strong Private Banking Partner. It's a testament to Sydbank (Schweiz) AG's professionalism that they were not only looking for a successor that could match their own high standards in private banking, but also needed to be sure that their clients would be well served in the months and years to come, in what is an increasingly challenging environment."

Nordea Bank S.A. was established 1976 and is the leading Nordic pan-European banking entity in Luxembourg and Switzerland. It has 380 employees and serves a wide spectrum of international clients.