Anglo Irish Bank buys Swiss Bank, Marcuard Cook & Co.
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Anglo Irish Bank Corporation Plc (“Anglo”) announced today (6th December, 2000) that it has reached agreement to acquire the Swiss Private Bank, Marcuard Cook & Co., for a cash consideration of Swiss Francs 127.8 million (€84.6 million). The acquisition is conditional on receipt of approval from the relevant regulatory authorities.
Based in Geneva, Marcuard Cook & Co. specialise in the provision of asset management and private banking services and has 40 employees. The Bank currently has funds under management of approximately Swiss Francs 1.9 billion (€1.3bn), principally from France and Switzerland.
This acquisition is directly in line with the Group’s strategy of growing its Private Banking and Fund Management activities, which it has already developed in Ireland, the UK and in mainland Europe. This acquisition increases the Group’s funds under management to approximately €3bn.
Commenting on the acquisition, Tiarnan O Mahoney, Executive Director, Anglo Irish Bank said:
“The acquisition of Marcuard Cook meets all of Anglo Irish Bank’s stated acquisition criteria. It enables us to diversify and broaden our existing areas of business and will fit neatly into our structure and operations. This is very much in line with our strategy for Private Banking, which seeks to build fee income with the minimum usage of capital, whilst allowing both geographic and product diversification. We expect the acquisition to add to earnings in the first year and expect it to contribute significantly to Group profitability in years two and three”.
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For further information:
Tiarnan O Mahoney
Executive Director
Mary Nolan
Group Marketing Manager
Tel: (01) 616 2600
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6 December 2000
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