Grégoire Pennone and other shareholders of ONE swiss bank SA signed a binding memorandum of understanding to acquire 60.4% stake in Banque Profil de Gestion SA (SWX:BPDG) from Banca Profilo S.p.A. (BIT:PRO) on November 5, 2020. Ultimately, Banque Profil de Gestion SA then wants to buy One Swiss Bank. Alongside the signing of this memorandum of understanding, ONE has concluded an asset purchase agreement with Falcon Private Ltd. in Zurich for the transfer of its entire client portfolio. Consecutive to the merger, the bank will operate under a single identity and management bodies will be adjusted to reflect the changes in the shareholder structure. The transaction is subject to the formal approval of the relevant financial supervisory authorities including Swiss Financial Market Supervisory Authority (Finma). The transaction shall take place in the first quarter of 2021, followed by the merger of the two banks. As of February 10, 2021, the deal is expected to be completed by May 31, 2021. As of May 12, 2021, transaction is expected to complete in beginning of June.

Grégoire Pennone and other shareholders of ONE swiss bank SA completed the acquisition of 60.4% stake in Banque Profil de Gestion SA (SWX:BPDG) from Banca Profilo S.p.A. (BIT:PRO) for CHF 31.8 million on June 1, 2021.