Group Banque Richelieu, owned by SGBL, acquires swiss private bank Kaleido
SGBL had acquired Group Banque Richelieu in 2018 as part of the bank's international development strategy. The group will be managed by Compagnie Financière Richelieu, chaired by SGBL CEO Antoun Sehnaoui and fully owned by SGBL.
'This acquisition brings the group's assets under management to around. €10 billion,' the press release noted. It did not, however, state how much the deal closed for.
The deal is also set to complement the geographical 'footprint of the group,' which operates in France, Monaco and the United Arab Emirates (UAE), across three business lines including wealth management, asset management and investment banking.
Kaleido will be rebranded to become 'Banque Richelieu Switzerland,' the press release stated.
This step falls under the group's strategy to grow its international operations and 'consolidate its position in the international wealth management market.'
'Switzerland remains the epicenter of wealth management in Europe and is one of the largest international markets,' said Sylvain Fondeur, the group's CEO.
Six years after Lebanon's economic collapse, the country's insolvent banks continue to function as a zombie sector, unlawfully restricting depositors' access to their own funds. A bank restructuring law is yet to be voted on. In early July, Finance Minister Yassine Jaber said that the law would be approved 'before the end of the current month.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Ya Libnan
2 days ago
- Ya Libnan
Trump sets 35% tariff rate on Canada, 25% on India and 39% on Switzerland
By Christine Chen , Kay Johnson , Farouq Suleiman and Christina Anagnostopoulos Summay Trum sets a 39% rate for Swiss imports Swiss franc weakens against the dollar Trump's tariff announcements included a 39% rate for Swiss imports to the U.S. The Swiss franc is now down 0.5% at 0.81655 to the dollar. The dollar is set for a 2.7% weekly rise against the Swiss franc, the largest since June 2021. Trump announced steep tariffs on exports from dozens of trading partners as the 12:01 a.m. EDT (0401 GMT) deadline for agreeing deals approached. The rates include a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. The order listed higher import duty rates of 10% to 41% starting in seven days for 69 trading partners. Some of them had reached tariff-reducing deals whilst others had no opportunity to negotiate with his administration. Goods from all other countries not listed would be subject to a 10% U.S. import tax. Trump had previously said that rate might be higher. The administration also teased that more trade deals were in the pipeline as it seeks to close trade deficits and boost domestic factories. Trump's order said that some trading partners, 'despite having engaged in negotiations, have offered terms that, in my judgment, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters.' Other details are still to come, including on the 'rules of origin' that will determine what products might face even higher tariffs. Canadian Prime Minister Mark Carney said he was disappointed by Trump's decision, and vowed to take action to protect Canadian jobs and diversify the country's export markets. 'While we will continue to negotiate with the United States on our trading relationship, the Canadian government is laser focused on what we can control: building Canada strong,' he said in a post on X. Mexico agreed an extension to its existing deal while negotiations continue, avoiding a 30% tariff on most Mexican non-automotive and non-metal goods compliant with the U.S.-Mexico-Canada Agreement on trade. Goods from India appeared to be headed for a 25% tariff after talks bogged down over access to India's agriculture sector – drawing a higher-rate threat from Trump that also included an unspecified penalty for India's purchases of Russian oil. Although negotiations with India were continuing, New Delhi vowed to protect the country's labor-intensive farm sector. Stay with us for the latest developments and reaction throughout Friday. Malaysian pharma and semiconductors exempt from tariffs, minister says Malaysian pharmaceutical products and semiconductors will be exempt from the U.S. tariffs, the country's trade minister Tengku Zafrul Aziz said on Friday at a press briefing. The minister also said that there was no agreement or request to supply rare earths exclusively to the U.S. in tariff talks. Tengku Zafrul added that the tariffs are set to take effect on August 8, and the two countries would release a joint statement on tariffs in due course. Relief in Southeast Asia as Trump's tariffs level playing field Southeast Asian countries breathed a sigh of relief on Friday after the U.S. announced tariffs on their exports that were far lower than threatened. It leveled the playing field with a rate of about 19% across the region's biggest economies. Trump's global tariffs offensive has shaken Southeast Asia, a region heavily reliant on exports and manufacturing and in many areas boosted by supply chain shifts from China. Thailand , Malaysia and Cambodia joined Indonesia and the Philippines with a 19% U.S. tariff, a month after Washington Reuters
L'Orient-Le Jour
4 days ago
- L'Orient-Le Jour
HSBC under Swiss, French investigation for money laundering linked to Lebanon
BEIRUT — HSBC's Swiss private bank is being probed by Swiss and French law enforcement authorities over money laundering allegations, the bank revealed in its 2025 interim results report on Wednesday. Authorities are examining breaches 'in connection with alleged money laundering offences in respect of two historical banking relationships,' the statement said without specifying when the probes were launched. 'These investigations are at an early stage,' it added. In June, 2024, the Swiss Financial Market Supervisory Authority (FINMA), Switzerland's financial watchdog, accused HSBC's Swiss branch of failing to prevent money laundering involving two unnamed politically exposed persons from Lebanon. FINMA had identified multiple transactions conducted between 2002 and 2015 that were insufficiently clarified and documented and totaled over $300 million. The funds were transferred from a state institution in Lebanon to Switzerland, and most were returned shortly afterward to different accounts in Lebanon. The financial regulator had imposed a series of measures against the bank, including prohibiting the opening of new business relationships with politically exposed persons (PEPs) until it carried out a review of its anti-money laundering practices and of all of its high-risk business relationships, in addition to those with PEPs. Disgraced former central bank governor Riad Salameh – currently in detention– and his brother Raja – placed under formal investigation – are accused of funneling $330 million to Swiss bank accounts through Forry Associates Ltd, an offshore company registered in the British Virgin Islands. According to the Swiss newspaper Sonntags Zeitung, about $250 million was deposited into Raja Salameh's personal account at HSBC's Geneva branch. Additional funds were held at UBS, Credit Suisse, Julius Baer, EFG, and Pictet. The brothers have repeatedly denied any wrongdoing. 'It is not practicable at this time for HSBC to predict the resolution of these matters, including the timing or any possible impact on HSBC,' the bank said, but acknowledged that the consequences could be 'significant.'
L'Orient-Le Jour
24-07-2025
- L'Orient-Le Jour
Group Banque Richelieu, owned by SGBL, acquires swiss private bank Kaleido
BEIRUT — Group Banque Richelieu, an international private wealth and asset management company based in Paris and owned by Société Générale de Banque au Liban (SGBL), acquired Zurich-based Swiss private bank Kaleido on July 8, according to a press release from the group. SGBL had acquired Group Banque Richelieu in 2018 as part of the bank's international development strategy. The group will be managed by Compagnie Financière Richelieu, chaired by SGBL CEO Antoun Sehnaoui and fully owned by SGBL. 'This acquisition brings the group's assets under management to around. €10 billion,' the press release noted. It did not, however, state how much the deal closed for. The deal is also set to complement the geographical 'footprint of the group,' which operates in France, Monaco and the United Arab Emirates (UAE), across three business lines including wealth management, asset management and investment banking. Kaleido will be rebranded to become 'Banque Richelieu Switzerland,' the press release stated. This step falls under the group's strategy to grow its international operations and 'consolidate its position in the international wealth management market.' 'Switzerland remains the epicenter of wealth management in Europe and is one of the largest international markets,' said Sylvain Fondeur, the group's CEO. Six years after Lebanon's economic collapse, the country's insolvent banks continue to function as a zombie sector, unlawfully restricting depositors' access to their own funds. A bank restructuring law is yet to be voted on. In early July, Finance Minister Yassine Jaber said that the law would be approved 'before the end of the current month.'
