The Benjamin de Rothschild family is seeking to take Edmond de Rothschild (Suisse) SA private.
In its proposed plan, the Edmond de Rothschild Group aims to consolidate all its banking activities under the Swiss bank, which will become the operating holding company of the group's banking activities.
Edmond de Rothschild SA will transfer all shares held in Edmond de Rothschild (France) SA to Edmond de Rothschild (Suisse) at a market value of CHF542.3 million. In exchange, Edmond de Rothschild SA will receive 34,987 new registered non-listed shares in the Swiss bank at a nominal value of CHF500 apiece, to be issued via an ordinary capital increase of Edmond de Rothschild (Suisse) at CHF15,500 per new share issued.
The plan also entails the de-listing of Edmond de Rothschild (Suisse) from the Zurich Stock Exchange, which will take place upon closing of the public tender under which Edmond de Rothschild Holding SA will offer to acquire all the Swiss bank's publicly traded bearer shares for CHF17,945 apiece, or CHF15,500 after deducting the proposed dividend.
The plan is subject to regulatory approval and is expected to be completed by the end of the third quarter.
The group also announced the departure of Edmond de Rothschild (Suisse) CEO Emmanuel Fiévet. He will be replaced by Vincent Taupin, who will also be in charge of the group's private banking activities on an interim basis. Cynthia Tobiano will become deputy CEO of the Swiss bank, while Christophe Caspar was appointed head of group asset management, replacing Taupin, and will join the lender's executive committee.
Ariane de Rothschild will be proposed as chairwoman of Edmond de Rothschild (Suisse)'s board of directors, while Benjamin de Rothschild will remain chairman of Edmond de Rothschild Holding. Benoit Dumont and Katie Blacklock, board members of Edmond de Rothschild Holding, will also be nominated as members of the Swiss bank's board, while Klaus Jenny will not stand for reelection.
Renzo Evangelista will succeed Taupin as CEO of Edmond de Rothschild (France).
In addition, Edmond de Rothschild (Suisse)'s board will propose a dividend distribution of CHF220 million for 2018, up from CHF75 million paid for 2017.