Pictet finalises transfer of European banking headquarters to Frankfurt
Pictet & Cie (Europe) S.A., the European bank of the Pictet Group, today announced the completion of the transfer of its banking headquarters from Luxembourg to Frankfurt am Main. As a consequence, the bank has been renamed Bank Pictet & Cie (Europe) AG. It will employ around 70 people at its headquarters and offices in Germany by the end of the year and will have branches in Luxembourg, France, Italy, Spain, the United Kingdom and Monaco.
Equity Partner, Christian Schröder, who has been with the Pictet Group since 2000, will become CEO and Chairman of the Management Board (Vorstand) of Bank Pictet & Cie (Europe) AG and Head of Wealth Management of the bank. Further members of the Management Board will be Jean-Philippe Fohal (Chief Financial Officer), Fredun Mazaheri (Chief Risk Officer) and Thomas Keller (Chief Legal Officer).
Renaud de Planta, Senior Group Managing Partner of the Pictet Group, observes that: "For us, this is a major milestone. After expanding in Asia and North America in recent years, this step underlines our commitment to further growth in Europe."
Marc Pictet, the Group Managing Partner responsible for Wealth Management and business in Europe, adds: "Switzerland and Europe are our home markets. This is where our culture has its roots. It's where most of our entrepreneurial clients are, and as Europe's strongest economy, Germany is central to Pictet's strategy."
The former Pictet & Cie (Europe) S.A., which had its registered office in Luxembourg, transferred its registered office from Luxembourg to Frankfurt am Main (Germany) with effect from 26 May 2023 by way of a cross-border conversion from a Luxembourg Société Anonyme into a German Aktiengesellschaft.
In terms of its legal personality, the German company will be a continuation of the Luxembourg company and will operate under the name of Bank Pictet & Cie (Europe) AG. The approximately 350 employees based in Luxembourg will remain employed by the Luxembourg Branch of the bank, except for a small number of management and other key positions that have been transferred to Frankfurt. Bank Pictet & Cie (Europe) AG will employ a total of around 630 people.
Christian Schröder, the future CEO of Bank Pictet & Cie (Europe) AG, concludes: "By moving the European headquarters to Frankfurt, we are underlining our ambitious goals in Europe as we aim to tap into the large pool of talent and the comprehensive financial services infrastructure in Frankfurt. At the same time, we will retain our strong presence in all European locations."