Bellevue Group AG: Planned restructuring of Bank am Bellevue AG Dienstag, 21. Februar 2017 - 18:15

Bellevue Group AG / Key word(s): Strategic Company Decision/Restructure of
Company
Bellevue Group AG: Planned restructuring of Bank am Bellevue AG

21-Feb-2017 / 18:15 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR

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Press release       

Küsnacht, 21 February 2017 

Planned restructuring of Bank am Bellevue AG


  - Bank am Bellevue AG is planning to cease its brokerage and corporate
    finance activities

  - Other business activities by Bank am Bellevue not affected

  - Further development of the business for entrepreneurial private clients

  - Strategic focus of Bellevue Group on asset and wealth management

Bank am Bellevue AG has faced for some time an ongoing erosion of revenues
in its core areas brokerage and corporate finance, a situation which was
addressed by the board of directors with various actions and initiatives.
The board of directors has reviewed the situation continuously taking into
account changing framework conditions (ongoing margin pressure, increasing
regulatory and technological requirements). As part of its responsibility
towards all stakeholders, particularly affected employees, the board has
examined a range of strategic options. A valid alternative could not be
realized.

After careful consideration the board of directors has concluded that the
brokerage and corporate finance activities can no longer be conducted in an
economically viable way. In light of this, Bank am Bellevue is planning to
cease its brokerage and corporate finance services. This will involve
shedding up to 25 jobs. A consultation procedure will start immediately
with the employees. The cessation of the business activities in question
shall be completed in an orderly manner by mid-2017 and may result in a
one-off restructuring charge of estimated CHF 3 - 5 million. The
restructuring cost shall be charged in full to the current financial year
2017.

The previous CEO of Bank am Bellevue, Serge Monnerat, resigns from his
position as of today. On an interim basis, André Rüegg, Group CEO, will
assume the CEO-position of Bank am Bellevue.

Bank am Bellevue will continue to provide its services, including trading
activities, for its other clients. The planned restructuring will also have
no effect on Bellevue Group's other business activities. Bellevue Asset
Management and StarCapital will continue to pursue their current business
strategies. The development of the recently launched wealth management
business for entrepreneurial private clients will proceed as planned. Going
forward Bellevue Group's strategic focus will be on asset and wealth
management.

The annual report for 2016 will be published on 28 February 2017.


Contact:

Media Relations: Jürg Stähelin, IRF Communications
Telephone +41 43 244 81 51; juerg.staehelin@irfcom.ch

Media / Investor Relations: Daniel Koller, CFO
Telephone +41 44 267 67 00, Fax +41 44 267 67 01, ir@bellevue.ch


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End of ad hoc announcement

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