Johnson Financial Group to sell Swiss subsidiary; The Equitable Bank to close Germantown branch
Johnson Financial Group to sell Swiss subsidiary
Racine-based Johnson Financial Group has accepted an offer for the purchase of its Swiss subsidiary, Banque Franck Galland, by BCV Group.
BCV Group is headquartered in Lausanne, Switzerland. The closing of the sale will take place in February 2011.
“The decision to sell our Swiss holdings is part of our overall strategic plan to increase focus on our core U.S. businesses.” said Russ Weyers, incoming chief executive officer for Johnson Financial Group. “In addition, this transaction further strengthens our capital position in the U.S. where the regulatory requirements for capital continue to increase.”
The new bank, Banque Piguet Galland, will be one of the leading wealth management players in French-speaking Switzerland.
Financial details of the transaction were not disclosed.
The Equitable Bank to close Germantown branch
The Equitable Bank plans to close its branch at W17698 County Line Road in Germantown, according to a filing with the state Department of Financial Resources. When the Germantown branch closes, the bank will have 10 branches in southeastern Wisconsin.
