Citco Group increases capital for future expansion; Sandoz Family Foundation becomes majority shareholder.NEW YORK/GLARIS, Switzerland--(BUSINESS WIRE)--July 31, 1995--The Citco Group Limited today announced that the Sandoz Family Foundation has made a significant equity investment in Citco's core business and becomes the majority shareholder of the Group. The Smeets Family Trust maintains a substantial minority ownership position. Christopher Smeets and his present management team will continue to operate the Group's trust and international financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. businesses. The Sandoz Family Foundation, which was established in 1964, is a private Swiss entity which is the single largest shareholder of Sandoz A.G. (market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. US$26 billion), holds other well-known Swiss blue chip stocks Blue chip stocks Common stock of well-known companies with a history of growth and dividend payments. , and has various investments in financial services and real estate. This new ownership structure will strengthen Citco and better enable the Group to execute its long-term growth strategy, including expanding its current operations, developing new financial services, and entering new geographic markets. Additional equity will be provided by both shareholders to speed up implementation of the strategy. "Our investment reflects the attractiveness of Citco's franchise in specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. financial services as well as our confidence in Citco's management to make the most of its unique market opportunity," said Pierre Landolt, Chairman of the Sandoz Family Foundation, who becomes non-executive Chairman of Citco. In addition to Landolt, the Citco Board includes three non-executive directors A non-executive director (NED, also NXD) or outside director is a member of the board of directors of a company who does not form part of the executive management team. He or she is not an employee of the company or affiliated with it in any other way. : - Olivier Verrey, Secretary General of the Sandoz Family Foundation - Dr. Victor Bischoff, Vice Chairman of BB Biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. A.G. - Paul Butler Paul Butler is the name of:
long-time legal advisor to Citco and the Smeets family "Citco has been providing specialized financial services since my father founded the company more than 50 years ago," said Christopher Smeets, who will continue as Chief Executive Officer of Citco. "This new partnership between the two families will position Citco for profitable growth well into the next century." In addition to Smeets, the Citco Board also includes the other existing executive directors: - Dick de Rooij - Robert Voges - Hans de Langen The Citco Group Limited is an international financial services company that provides specialized fiduciary, mutual fund administration and banking services from 24 offices in Europe, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and the Caribbean. CONTACT: Sard Verbinnen & Co. George Sard, Jeanne Donovan, 212/687-8080 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion