Wegelin & Co.

Founded in 1741, Wegelin & Co. was up to its de facto dissolution in 2012 as the oldest existing bank in Switzerland. Based in St. Gallen company had around 700 employees in 2011 and managed client assets of over 24 billion Swiss francs. The banking institution had more locations in Zurich, Berne, Basel, Geneva, Lausanne, Locarno, Lugano, Chiasso, Schaffhausen, Winterthur, Chur and Lucerne. On 27 January 2012, the transfer of the non-US business in the Notenstein Private Bank AG and its sale to Raiffeisen Switzerland was announced.

History

The origin of today's banking house dated from 1 March in 1741. Zyli Caspar ( 1717-1758 ) founded in St. Gallen, a sole proprietorship called linen cloth trade and forwarding action. The company should not only act as forwarding, but also handle banking transactions. His son bought the building in 1798 Nothveststein, which was the headquarters of the Bank. In 1860, Emil Wegelin wild, the nephew Zylis, partner of the bank. Under him, the concentration of business began on asset management. Among the famous customers of that time belonged Eugénie de Montijo. 1893 the company was converted into a limited partnership. In 1909 the banking house of the first plant comment. Until the termination of the plant comment, it was a highly regarded publication. 1998, the entire business processes have been certified according to ISO 9001 at Wegelin & Co..

In 1990 was one of the bank about 30 employees. Early 1990s were Konrad Hummler and Otto Bruderer as a managing partner. The traditional house was oriented in the follow- on modern portfolio management and financial theory. 2011 was one of the private bank 700 employees in 13 locations: Opened in 1998, Wegelin & Co. a branch in Zurich, Lugano 2000, followed by others in Bern ( 2002), Lausanne (2004) and Schaffhausen ( 2005). At this time, the company had about 230 employees. The local presence was further expanded with offices in Basel, Geneva and Locarno (all 2007), Chur (2009), Lucerne (2010) and Winterthur ( 2011). The Private Bank has worked closely with various universities.

In early 2012 came the Bank in connection with the tax dispute between the U.S. and Swiss banks targeted by the U.S. justice, although Wegelin & Co. had no offices in the United States. The privately adhering bankers looked at the situation for their bank as so threatening that they divided the company on 27 January 2012. While the business with customers in the U.S. and U.S. citizens at Wegelin & Co remained, all other customers were transferred with roughly 21 billion francs in customer funds, the offices and all the staff in the Notenstein Private Bank, which was acquired by Raiffeisen Switzerland. In February 2012, Wegelin was indicted by the U.S. Justice Department for aiding and abetting tax evasion.

Wegelin & Co. pleaded on January 3, 2013 the United States was the first foreign bank to the facilitation of tax evasion for guilty and agreed to pay a fine of 74 million U.S. dollars. [A 1] The active banking business was discontinued in March 2013, after the settlement was confirmed by a U.S. judge.

Corporate Structure

As a limited partnership, Wegelin & Co. was one of the few Swiss private banks, which are liable managing partner with unlimited. The unlimited liability of general partners were ( in chronological order ) Otto Bruderer, Konrad Hummler, Steffen Tolle, Michele Moor, Christian Raubach and Christian Hafner. Limited partners were five directors of the Bank and members of Wegelin family.

After the transfer of the non-US business to Notenstein Private Bank AG and its sale to Raiffeisen Switzerland 27 January 2012 left the former partners Adrian Kuenzi and Magne Orgland Wegelin and entered their bodies at the Notenstein Private Bank, Kuenzi as Chief Executive Officer ( CEO).

For purposes of settlement, the company was converted August 29, 2013, a public limited company under the new name Wen AG.

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