Friday, 23 April 2021 16:41
Quintet Narrows Losses
The Luxembourg-based wealth manager trimmed its losses last year, as copious investments in expanding began to show fruits in revenue.
Quintet narrowed its annual net loss to 20.3 million euros ($24.2 million) from 43.7 million euros last year, according to accounts published on Friday. The Qatari-owned bank – known as KBL until last year – hiked revenue by more than 15 percent to 513 million euros, including through an undisclosed one-time gain.
The emirate s ruling
al-Thani family bought the wealth manager from troubled Belgian bank KBC in 2011 for 1.05 billion euros. Quintet is attempting a revival of its fortunes by rebranding, fixing unprofitable boutiques, digitizing, hiring dozens of private bankers (many from UBS), and opening a Swiss arm which now counts 80 employees. ....