Jan. 29 (Bloomberg) -- Wegelin & Co.’s owners got between 500 million Swiss francs ($548 million) and 600 million francs in the sale of the Swiss private bank to Raiffeisen Group, Der Sonntag reported, without saying where it got the information.
The bank’s partners decided on the sale because clients were withdrawing funds over the last weeks, the newspaper said, citing unidentified bankers. Joerg Denzler, a spokesman for Wegelin, declined to comment on the article when contacted by Bloomberg News.
Konrad Hummler, Wegelin’s managing partner, told Sonntag in an interview that the bank was “a victim of a bigger affair” and the sale was “the right solution at the right moment” though he’s not “triumphant.”
--Editors: Stephen Kirkland,
To contact the reporter on this story: Elena Logutenkova in Zurich at firstname.lastname@example.org;
To contact the editor responsible for this story: Frank Connelly at email@example.com