21.02.2017 – 18:18
EQS-Adhoc: Bellevue Group AG: Planned restructuring of Bank am Bellevue AG


EQS Group-Ad-hoc: Bellevue Group AG / Key word(s): Strategic Company
Decision/Restructure of Company
Bellevue Group AG: Planned restructuring of Bank am Bellevue AG

21-Feb-2017 / 18:15 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
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Press release

Küsnacht, 21 February 2017

Planned restructuring of Bank am Bellevue AG
Bank am Bellevue AG is planning to cease its brokerage and corporate finance
activitiesOther business activities by Bank am Bellevue not affectedFurther
development of the business for entrepreneurial private clientsStrategic focus
of Bellevue Group on asset and wealth management
Bank am Bellevue AG has faced for some time an ongoing erosion of revenues in
its core areas brokerage and corporate finance, a situation which was addressed
by the board of directors with various actions and initiatives. The board of
directors has reviewed the situation continuously taking into account changing
framework conditions (ongoing margin pressure, increasing regulatory and
technological requirements). As part of its responsibility towards all
stakeholders, particularly affected employees, the board has examined a range of
strategic options. A valid alternative could not be realized.

After careful consideration the board of directors has concluded that the
brokerage and corporate finance activities can no longer be conducted in an
economically viable way. In light of this, Bank am Bellevue is planning to cease
its brokerage and corporate finance services. This will involve shedding up to
25 jobs. A consultation procedure will start immediately with the employees. The
cessation of the business activities in question shall be completed in an
orderly manner by mid-2017 and may result in a one-off restructuring charge of
estimated CHF 3 - 5 million. The restructuring cost shall be charged in full to
the current financial year 2017.

The previous CEO of Bank am Bellevue, Serge Monnerat, resigns from his position
as of today. On an interim basis, André Rüegg, Group CEO, will assume the
CEO-position of Bank am Bellevue.

Bank am Bellevue will continue to provide its services, including trading
activities, for its other clients. The planned restructuring will also have no
effect on Bellevue Group's other business activities. Bellevue Asset Management
and StarCapital will continue to pursue their current business strategies. The
development of the recently launched wealth management business for
entrepreneurial private clients will proceed as planned. Going forward Bellevue
Group's strategic focus will be on asset and wealth management.

The annual report for 2016 will be published on 28 February 2017.
 

Contact:

Media Relations: Jürg Stähelin, IRF Communications
Telephone +41 43 244 81 51;  juerg.staehelin@irfcom.ch

Media / Investor Relations: Daniel Koller, CFO
Telephone +41 44 267 67 00, Fax +41 44 267 67 01,ir@bellevue.ch

 

Additional features:


Document:http://n.eqs.com/c/fncls.ssp?u=MQHBKJMLKY
Document title: Media release
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End of ad hoc announcement------------------------------------------------------

Language: English

Company:  Bellevue Group AG

          Seestraße 16

          8700 Küsnacht

          Switzerland

Phone:    +41 44 267 67 00

Fax:      +41 44 267 67 01

E-mail:    info@bellevue.ch

Internet: www.bellevue.ch

ISIN:     CH0028422100

Valor:    A0LG3Z

Listed:   SIX Swiss Exchange



 

End of Announcement EQS Group News Service

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546277  21-Feb-2017 CET/CEST