EQS-Adhoc: Bellevue Group AG: Planned restructuring of Bank am Bellevue AG
Küsnacht, 21 February 2017
Planned restructuring of Bank am Bellevue AG
Bank am Bellevue AG is planning to cease its brokerage and corporate finance activities Other business activities by Bank am Bellevue not affected Further development of the business for entrepreneurial private clients Strategic 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.
Media Relations: Jürg Stähelin, IRF Communications Telephone +41 43 244 81 51; email@example.com
Media / Investor Relations: Daniel Koller, CFO Telephone +41 44 267 67 00, Fax +41 44 267 67 01, firstname.lastname@example.org
Additional features:Document: http://n.eqs.com/c/fncls.ssp?u=MQHBKJMLKYDocument title: Media releaseEnd 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: email@example.com Internet: www.bellevue.ch ISIN: CH0028422100 Valor: A0LG3Z Listed: SIX Swiss Exchange End of Announcement EQS Group News Service
546277 21-Feb-2017 CET/CEST