How to open a bank account in Lombard Odier

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January, 2006 December, 2021 April, 2021

GSL reference about the bank

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The main requirements of the bank:
- the bank opens savings (investment) accounts;
- a meeting with a bank representative is required either in Moscow, or in Switzerland, or during the visit of a bank representative to Moscow;
- the bank is ready to start working with a client investing CHF 1,000,000, it makes sense to place at least CHF 5,000,000 in the bank;
- the term for opening an account - case by case (check with the consultant).
On arrival at Geneva Airport, you will see a billboard advertising simultaneously four banks. Brands rarely cooperate to collectively promote their services, and in the banking sector such cases are almost exceptional. I think I can follow this route and give a collective reference for these banks.
The first question which comes to mind is ‘What do they have in common?’ The answer will characterize them all together and each one individually. They are: Bordier & Cie, Lombard Odier Darier Hentsch & Cie, Mirabaud & Cie, and Pictet & Cie.
The first thing that attracts your notice is ‘Cie’ at the end of each name which is almost never found among typical abbreviations indicating the type of entity (Ltd, Corp, LLC, LLP, SA, AG, GmBH, NV, NB, KFT, RT, AB, OY, etc). It is no surprise because ‘Cie' indicates a legal form which provides for an unlimited liability of partners for the company’s debts. This is the reason why such suffix is so rarely used and also one more argument in favour of the bank’s reliability and stability.
Speaking of reliability: this word nowadays makes you smile a bitter smile, but your brows may lift in surprise when you hear the dates of foundation of these financial institutions: 1844, 1796, 1819, and 1805. You need not be too shrewd to guess the ‘client acceptance threshold’ – it is somewhat higher than in the world-famous Swiss brands (UBS and CreditSwiss) and ranges between 500 000 and 1 000 000.
And lastly, these banks’ employees normally have undergone ‘training’ (or ‘school’, whichever you prefer) in more ‘celebrated’ fellow banks which head the TOP-list of the Swiss banking system.
The transfer charges are relatively low (CHF 20-37), but the bank is oriented towards traditional investments of which a good variety is offered.
As of 1 January 2014, the private bank Lombard Odier was transformed into a société anonyme and disclosed the size of its assets (CHF 500 000 000 invested by the eight partners)

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated 35 AA-
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    Year of foundation 1796
    History Hy Hentsch & Cie was founded by Henri Hentsch in 1796. In 1800 the firm acted as financiers of the Swiss National Bank. In 1907 the firm co-founded the Swiss National Bank. In 1950 it pioneered in creating and distributing mutual funds in Europe. In 1979 it became the first European bank to own a seat on the New York Stock Exchange. In 2002 Lombard Odier Hentsch & Cie began to take its present shape. The year 2002 saw the merger of Darier Hentsch & Cie and Lombard Odier & Cie. In January 2004 Hentsch Henchoz & Cie became a branch of Lombard Odier Darier Hentsch & Cie. In January 2012 the name changed to the existing one. Today the bank has CHF 15.9 billion assets under management; and CHF 15.4 billion liabilities. It is a large bank, on the one hand, and on the other, it is flexible and adjustable enough to meet individual needs of its clients
    Personnel The bank has 1900 employees and advisers. Lombard, Odier & Cie has a network of 24 offices in 17 countries around the world. It has an official representative office in Moscow. Zurich and Geneva branches also have Russian-speaking staff
    Bank’s shareholders The bank was used to be run by the seventh generation of the founding families. As of 1 January 2014, the private bank Lombard Odier transformed into a société anonyme and disclosed the size of its assets (CHF 500 000 000). There are eight partners. The board of directors of the Swiss branch includes: Patrick Odier as President and Thierry Lombard as Vice President, Alexandre Zeller, the President of SIX Swiss Exchange, Henry Peter, an advocate and board member of an insurance company Swiss Life and Henri Vanni, Vice President of Novartis Group
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    800 000 No restrictions 800 000 3
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    Minimum balance, € Although the bank is ready to take on a client with CHF 1 000 000 investment, it makes sense to deposit at least CHF 5 000 000, otherwise the account maintenance costs will not pay off. ‘Our goal is to keep and increase your assets, and pass them on to future generations’, as the bank’s information booklet says
    Transactions permitted per month The bank’s major activity is asset management; however, it does not exclude commercial transactions. Here everything will depend on the client’s business specifically and on his investment and business portfolio. A large number of transactions (dozens per month) can be allowed by the bank in the case of an equally large sum (tens of millions Swiss francs) placed under the management of Lombard Odier Darier Hentsch & Cie
    Initial deposit of funds, € The initial deposit is the same as minimum balance (though there may be other options)
    Deadline for the initial deposit, month There are no strict rules as to the time limits of putting in the initial deposit, though it is not recommended that the waiting period exceed 3 months
    How fast payments are executed Payments are executed same day, but the cut-off time is different for different currencies

    Tariffs and services

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    20 0 1 600 800 16 000
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    Outcoming transfer, € The same-day transfer fee is about CHF 20 and depends on the currency of payment
    Incoming transfer, € There are no charges on incoming transfers
    Account maintenance, €/year The account maintenance fee is linked to the amount of deposit and is calculated as per cent of the amount under management: for amounts of up to CHF 1 000 000 the fee is about 0.4 % (but not less than CHF 2 000), for amounts from CHF 1 000 000 to 2 500 000 – approximately 0.375 %. The fee is regressive: it reduces proportionally for amounts which increase
    Payment limit for credit cards, €/day The bank does not set any credit card payment limit, but the maximum ATM cash withdrawal is CHF 1 000
    Funds to be blocked for CC issue, € The amount to be blocked in the account to cover the credit card spendings is set by the bank card provider. For example, for a monthly payment limit of CHF 10 000, the insurance coverage will be CHF 20 000. Plus, the account should have a balance available for payments
    Distant access to the account The account is managed via internet, specifically through e-services
    Financial products The bank specialization is the full range of asset management services
    Credit/debit cards Cards of all payment systems are available: from standard VISA and MasterCard to Gold, Platinum, Black American Express, Miles&More. The fees are set by the bank card provider
    Hold mail Hold mail fee is included in the account maintenance fee

    Account opening procedure

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Savings
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    Visit to the bank It is necessary to meet the bank’s representative either in Moscow or in Switzerland, or during the visit of the bank’s representative to Moscow, which takes place at least once a month
    Required Standard set of corporate documents, copy of international passport. If any additional documents are to be provided, the account opening time may be longer
    Types of accounts Personal; Corporate; Savings
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located
    Chances to open an account Predictable
    Business description At a meeting with the bank’s representative, the client informs the banker of the structure of his business and of the sources of funds to be deposited, thus providing a detailed business description
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