During the course of the complex approval process, BaFin pronounced itself satisfied that the bank complied with all relevant German consumer-protection rules and money-laundering regulations. Submission of the exemption application before BaFin is conditional upon a supervisory certificate from the Swiss Financial Market Supervisory Authority for the transactions and services that are to be rendered in Germany.

Antony Lassanianos, the CEO of the bank, said: “Cross-border asset management and investment consultancy for clients domiciled in Germany are established parts of our core business. Because of the rules that are applicable in Germany, however, we have had only limited access to this. The exemption grants us significantly simplified access and improved conditions to develop the market in Germany. It will enable us to support our existing clients even more closely, while also actively attracting new private clients.”