CBH Bank

CBH Compagnie Bancaire Helvétique SA (also, CBH Bank) was created in 1975 as a brokerage company known as stock and commodities services. In 1991, it obtained full banking license in Switzerland. The group currently employs approximately 260 employees. The current general manager is Philippe Cordonier. The bank is located in Geneva in the Canton of Geneva in Switzerland, and specialized in private banking and asset management.

CBH Compagnie Bancaire Helvétique SA
IndustryFinancial services
Founded1975 (1975)
FounderJoseph Benhamou from 2004 (from 2004)
HeadquartersBoulevard Emile-Jaques-Dalcroze 7, Geneva, Switzerland
Area served
Global
Key people
Philippe Cordonier (General manager), Simon Benhamou (Deputy General Manager)
Products
RevenueCHF 105.2 million (2019)
CHF 30.7 million (2019)
CHF 19.4 million (2019)
Total assetsCHF 10 billion (2019)
Total equityCHF 232.3 million (2019)
Number of employees
  • approx. 260 (As of 2020)
Websitehttp://www.cbhbank.com/

The bank is owned by Benhamou family and keeps a special focus on developing banking relationships with UHNW clientele, mainly located in LATAM,[1][2] Israel,[3][4][5] Asia,[6] Russia and Venezuela.[7]

The family-owned CBH is one of Switzerland's smaller banks but has seen its assets under management more than quadruple, to $11.4 billion,[8] since 2009 from $2 billion.[9] Assets from clients located in Latin America and the Caribbean accounted for 19% of its business last year, according to financial records provided by the bank. - WSJ [10]

History
  • 1975 – Creation of Stock and Commodity Services, a brokerage company, in Geneva
  • 1991 – Swiss Banking license
  • 1993 – Creation of 1618 SICAV family of Funds in Luxembourg
  • 1993 – Opening of a representative office in St. Moritz
  • 1995 – Opening of a fully licensed bank in Nassau, Bahamas
  • 2002 – Acquisition of PG Partner Bank AG and creation of a branch in Zürich
  • 2010 – Creation of a representative office in Tel Aviv, Israel
  • 2012 – Opening of a subsidiary in London, United Kingdom and obtaining of an FSA regulated Investment management license
  • 2014 – Acquisition of a major part of the Banque Privée Espirito Santo's Private Banking clientele[1][2]
  • 2016 – Acquisition of TTG (HK) Limited, an independent wealth management company established in Hong Kong[6]
  • 2017 – Acquisition of the Private Banking activities of FIBI Bank – Switzerland (First International Bank of Israel) based in Zürich[3][11]
  • 2018 - Acquisition of the Eastern European banking clientele of Schroeder & Co Bank AG part of Schroders Group
  • 2020 – Acquisition of minority stake of 30% of FlowBank, an entirely digital bank based in Geneva

CBH Compagnie Bancaire Helvétique SA is the Group's umbrella company. The Bank is a company whose operations encompass all transactions that fall within the remit of an asset management bank with the status of securities trader. The bank has a branch in Zurich as well as representative offices in St. Moritz and Israel, and also operates via several subsidiaries based in the Bahamas, England, Hong Kong and Brasil. Together these entities form the corporate group CBH Compagnie Bancaire Helvétique.

Controversies and media

U.S. Venezuela corruption investigation

CBH Bank is related in Venezuela corruption cases but without strong evidence.[12] US investigators, after obtaining bank reports, alleged that CBH Bank is being used to launder the proceeds of the fraud and the embezzlement scheme by figures in Venezuela, though CBH themselves is defrauded on the scheme. CBH stated they didn't know about any money laundering activities, and complied with all laws and regulations.[13]

Venezuela-Gold Ingots story

In a story August 3, 2020, about a Venezuelan official allegedly hiding unexplained wealth by buying gold, The Associated Press erroneously reported some financial information about the Banco CBH. The bank's assets under management for clients located in Latin America and the Caribbean accounted for 19% of its business last year. AP corrected the story and specified that Banco CBH has no relationship with what was written in the wrong news.[14]

References
  1. "Portugal's Espirito Santo Family Sells Swiss Bank Assets". 23 July 2014 – via www.bloomberg.com.
  2. "Espirito Santo vend la majeure partie de sa banque privée basée en Suisse".
  3. "Une banque genevoise rachète une banque israélienne à Zurich". Le Temps. 20 December 2016.
  4. "Geneva and French-speaking Switzerland campaign launched". www.kh-uia.org.il. Archived from the original on 13 October 2013. Retrieved 22 July 2013.
  5. "KH Geneva Chairman presents the children of Netivot with a brand-new educational playground". www.kh-uia.org.il. Archived from the original on 10 October 2013. Retrieved 22 July 2013.
  6. "Asian Wealth Management and Asian Private Banking - TTG rebrands to CBH Asia". www.hubbis.com.
  7. https://www.bloomberg.com/news/features/2019-10-15/swiss-bank-cbh-keeps-cropping-up-in-venezuelan-corruption-cases
  8. https://www.cbhbank.com/wp/wp-content/uploads/FINAL-cbh-2019-annual-report.multi_.WEB_optimised.pdf
  9. "RAPPORT ANNUEL ANNUAL REPORT - PDF Free Download".
  10. https://www.washingtonpost.com/national/correction-venezuela-gold-ingots-story/2020/09/09/8a494482-f2b8-11ea-8025-5d3489768ac8_story.html
  11. "CBH Compagnie Bancaire Helvétique rachète FIBI Bank | Agefi.com".
  12. "A Swiss Bank Keeps Cropping Up in Venezuelan Corruption Cases". 15 October 2019 – via www.bloomberg.com.
  13. Weaver, Jay (20 February 2020). "Huge U.S. money-laundering probe targets widening circle of Venezuelan elites". Miami Herald. Archived from the original on 26 February 2020. Retrieved 21 March 2021.
  14. "Correction: Venezuela-Gold Ingots story". washingtonpost. 3 August 2020.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.