Private wealth institution Banque Pasche is rumored to soon be fully absorbed by one of its peers in the high-wealth sector of European banking, according to those close to the situation.
The historic Swiss bank traces its roots back to 1881 when it was a brokerage firm in Geneva, and recent months have proved Pasche name is definitely still an attractive brand.
In the past 18 months, the Luxembourg-based Banque Havilland has bought, either through outright purchase or the acquisition of majority stakes, Pasche’s three satellite locations, in Monaco, Liechtenstein, and the Bahamas. All that remains of the Pasche name are the firm’s two Swiss locations, in Geneva, the home base, and in Zurich. Rumors indicate that those two branches may also soon be absorbed by the same Havilland group, a bank more than a century younger than Pasche but one with great ambition.
Havilland, which was established in the wake of the financial crisis by British property tycoon David Rowland, services ultra-high net worth (UHNW) individuals. As a family-first bank that encourages cross-pollination investing and advisements between the owners and the bank’s clients, Havilland appeals to those wealthy individuals worried about the harried state of the modern world of finance.
By all accounts, the bank has been wildly successful since its inception in 2009. Soon after establishing itself in Luxembourg, Havilland moved into Monaco with the acquisition of Dexia Private Bank Monaco S.A.M. within two years. A year later, the bank opened a shop in London, a move likely to do with the Rowland family’s roots in Britain. In late 2013, Havilland began its assault on Pasche, acquiring first the Swiss bank’s Monaco location… And late this past year, Havilland bought out the remaining Pasche satellites, in Liechtenstein and the Bahamas, within a month of one another.
It seems that Pasche, as a bank that itself has catered to the European and – increasingly – global elite, is a nice fit for Havilland. The potential acquisition of the two Swiss locations would also fit with Havilland’s “internationalist” philosophy, as well as serving as a foothold into one of the world’s largest concentrations of the super-rich.