Banque Havilland expands into Switzerland
Luxembourg-based Banque Havilland, established in 2009 by the Rowland family, has expanded its ultra-high net worth client base in Europe with the acquisition of Switzerland's Banque Pasche SA.
According to a press release, Banque Pasche SA will be renamed Banque Havilland (Suisse) SA.
Jean-François Willems, chief executive officer of Banque Havilland, said: “With this acquisition, the Banque Havilland Group marks its entry into Switzerland, the home of private banking. Our commitment to establish a presence here reflects our global strategy to provide a platform offering full coverage of private banking products in the significant banking centres across the world”.
Banque Havilland was established by the Rowland family in 2009 in response to the financial crisis, when the family patriarch David Rowland became concerned about the safety of the family’s assets.
The bank reported operating income of €17.4 million ($19.4 million) in 2013 and does not disclose its assets under management.
Hotel Lotte to launch $4.8 billion IPO next month
Hotel Lotte, cornerstone of South Korea’s fifth-largest conglomerate, has announced plans for an initial public offering in Seoul next month in a move that will raise around 5.7 trillion Korean won ($4.8 billion).
According to The Wall Street Journal, the IPO was announced in a regulatory filing this week, and comes amid a highly-publicised family feud between the founder’s two sons, Dong-joo and Dong-bin.
Hotel Lotte has 21 Lotte branded hotels across the world in 5 different countries and a lucrative duty-free shopping business. Trading is set to begin on the Korea Exchange on or around June 30.
Shin Kyuk-ho founded Lotte in Japan in 1948 as a snack maker, but entered Korea in 1967 and has grown the business to be the country's fifth-largest conglomerate.
The nonagenarian checked himself out of Seoul National University Hospital last week after he was admitted for a court ordered check-up of his mental faculties.
Second-generation Lotte Group had revenues of 81 trillion Korean won ($69 billion) in 2015.
Family feud in the spotlight at Aldi
A long-standing dispute among the heirs of German supermarket chain Aldi returned to the public eye this week after second-gen Theo Albrecht Jr accused his sister-in-law of stealing assets.
The 65-year-old billionaire told Stern magazine that Babette, the widow of his brother Berthold, and her children are breaking the terms of his will and helping themselves to assets.
Berthold died in 2012, triggering a court battle for control of one of the foundations that hold the family’s shares in the company.
Aldi does not post financial information but the Handelsblatt Business Daily estimates the supermarket has a turnover in excess of €50 billion per year.