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Schroders' Zurich unit selling Eastern European business

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Schroders' Zurich unit selling Eastern European business

Zurich-based Schroder & Co. Bank AG agreed to transfer its Eastern European banking business and relationship management team to Geneva-based CBH Compagnie Bancaire Helvétique SA.

The acquisition's financial terms and conditions were not disclosed. The deal is expected to close in the fourth quarter, subject to regulatory approval.

CBH CEO Philippe Cordonier said the deal represents a further step in its effort to grow its Zurich operations. The portfolio being transferred had about CHF700 million of assets under management as of June 30, and the transaction will not have a significant affect on CBH's capitalization, with its Tier 1 ratio expected to remain above 30%.

Schroder & Co. Bank is a fully owned subsidiary of London-based asset manager Schroders PLC. CBH Compagnie Bancaire Helvétique is a subsidiary of CBH Holding SA.