Migros Bank acquires a stake in CSL Immobilien
Migros Bank has acquired a majority stake in CSL Immobilien AG. However, CSL Immobilien remains operationally independent, the two companies say.
The long-standing management team with CEO Yonas Mulugeta as well as Daniel Barben and Giuliana De Rinaldis will remain involved in CSL Immobilien and will continue to run the company operationally, Migros Bank and CSL announced. All employees will also continue to be employed. Migros Bank will take a seat on the board of directors of CSL Immobilien and will also provide the chairman of the board of directors.
The acquisition will create a "new comprehensive provider of real estate services for corporate clients as well as for private and institutional real estate investors" in the Swiss market, CSL and Migros Bank said.
"While the conventional real estate services of the banking industry are mainly aimed at private individuals, Migros Bank, thanks to its new partner CSL Immobilien AG, provides higher-quality services that are also targeted at corporate customers," says Harald Nedwed, President of the Executive Board of Migros Bank. In addition to existing customers, the focus is on SMEs, building cooperatives, real estate companies and institutional and private real estate investors.
"The joint processing of customer segments enables growth on both sides and allows CSL Immobilien AG to increase its reach throughout Switzerland," says Yonas Mulugeta. In addition, they want to jointly develop new business areas, such as digital services for investors. (ah)
