Oddo BHF SCA is expanding its footprint in Switzerland with the takeover of private bank Landolt & Cie SA, CEO Philippe Oddo said Oct. 13 at an event organized by the International Club of Business Journalists in Frankfurt, according to Reuters.
The deal, which Oddo has been negotiating since July, will make its market position in Switzerland as strong as in France and Germany, the CEO told the gathering, Reuters said Oct. 14.
Meanwhile, the Franco-German financial group has entered a new partnership with Spanish bank Banco Bilbao Vizcaya Argentaria SA, Oddo said. BBVA announced the strategic partnership with Oddo BHF in an Oct. 14 statement, saying the deal will "strengthen its execution capabilities for primary market transactions" and offer its corporate clients "higher value-added and wider access to institutional investors."
Oddo BHF recently closed a similar partnership with Dutch bank ABN Amro Bank NV.
Regarding the fate of Oddo BHF's Germany-based securities trading arm, Oddo Seydler Bank AG, the CEO said the group is yet to decide whether to make another attempt to sell the business, Reuters reported. Oddo BHF had announced it would sell Seydler to Obotritia Capital KGaA but the deal fell apart in June due to the COVID-19 pandemic, according to the report.
The only certain thing at this point is that Seydler will not be integrated into the Oddo BHF group, the CEO reportedly said, adding that the unit should remain independent to ensure fast decision-making.