# Pictet, Lombard Odier, Mirabaud: Geneva Private Banks and FINMA > Pictet, Lombard Odier and Mirabaud: old Geneva private banks under FINMA, their differences, entry thresholds and wealth-management fit. Author: Гордей Болотько — партнёр, Corporate & Commercial (https://wiki.private.law/authors/bolotko) Last modified: 2026-06-04T06:11:00.000Z Canonical: https://wiki.private.law/en/geneva-private-banks Topics: banking Jurisdictions: switzerland Functional tags: private-banking, tier-1-global Product tags: lombard-credit Semantic tags: private-banking, tier-1-global, lombard-credit --- **Partner, Corporate & Commercial** --- ## Concept Pictet, Lombard Odier, and Mirabaud are three of the oldest Swiss private banks based in Geneva. All three are pure-play private banks plus asset management: no retail banking, corporate lending, or investment banking. They are structured as partnership banks (Swiss organizational form Société en commandite spéciale), where partners bear unlimited personal liability for the bank's obligations. All three are licensed by FINMA and fall under the Swiss Deposit Protection Scheme (esisuisse) with a limit of CHF 100,000 per depositor. Pure-play wealth management focus—without commercial lending and retail operations. > 🍓 Partnership structure is the key feature of the Geneva trio. Unlike listed banks with shareholders, partners are personally liable for the bank's obligations. This creates different risk alignment: a partner cannot "exit shares" when problems arise—they bear unlimited personal liability. Minimum meaningful entry threshold—from **CHF 5–10M+**; below this, banks typically decline or redirect to external partners. ## Three Banks Compared | **Bank** | **Founded** | **AuM** | **Partners** | **Distinctive Feature** | | --- | --- | --- | --- | --- | | [Pictet](https://wiki.private.law/en/pictet-private-bank) | 1805 | CHF 700+ billion | 8 | Largest Swiss partnership, broad alternatives platform, conservative risk management | | [Lombard Odier](/en/geneva-private-banks) | 1796 | CHF 300+ billion | 7 | Oldest Swiss private bank; ESG leader with CLIC economy philosophy; LO Technology serves other banks | | [Mirabaud](https://wiki.private.law/en/mirabaud-private-bank) | 1819 | CHF 35+ billion | Several | Boutique with lower threshold (from CHF 2–3M), personal model, Mirabaud Securities provides institutional brokerage | ## Partnership Format in Practice **Stability** Banks cannot be acquired through the public market and are not subject to hostile takeover. Managing partners bear unlimited liability—this reduces appetite for balance-sheet risk. **Privacy** No standard volume of public disclosures as with listed banks. Partnership structure has historically protected client-banker relationships—within CRS / FATCA reporting frameworks. **Continuity** Management is built around long-term reputation and transfer of relationships between generations. Private banker teams stay with a single client for 15–25 years. ## What They Offer - Discretionary and advisory portfolio management. - Multi-currency custody. - Lombard credit against portfolio. - Structured products and alternative investments through open architecture. - Sustainable / ESG investing (especially Lombard Odier). - Wealth planning and trust advisory. - Art and collectibles advisory (for UHNW family offices). - Multi-booking—Geneva, Zurich, London, Singapore, Hong Kong, Luxembourg, Dubai (depending on bank). ## When to Choose Which Bank **Pictet** For UHNW from CHF 5M+ with 20+ year horizon, need for broad alternatives platform and multi-booking. Family Office tier—from CHF 100M+. **Lombard Odier** For families with ESG / sustainable priority, technology interest (LO Technology), and need for strong family governance. Threshold from CHF 5M+. **Mirabaud** For HNW from CHF 2–10M who need a Geneva partnership without the Pictet or Lombard Odier threshold. Strong Ibero-Latin American network and Mirabaud Securities for direct brokerage. ## Where Geneva Private Banks Are Appropriate and Where Not **Appropriate** - UHNW clients who value partnership accountability and unlimited liability alignment. - Families planning multi-generational relationship with one private bank. - Investors focused on conservative wealth preservation, not aggressive returns. - Access to exclusive alternative-investment vehicles and co-investment opportunities. - UHNW client linked to a sanctions-sensitive jurisdiction with clean profile, sufficient Source of Wealth, and residency outside the sanctions-sensitive jurisdiction. **Not Suitable** - Operational payments and commercial banking—pure-play wealth focus. - Assets below CHF 5M (Mirabaud—from CHF 2M). - Crypto-only portfolios—limited offerings. - Aggressive leverage and front-trading. - PEP, SOE, or sanctions exposure. - Clients expecting US-grade investment banking integration—better JPMorgan or UBS. ## Q/A ### **How does partnership differ from a listed bank** Partners bear unlimited personal liability for the bank's obligations. This reduces appetite for balance-sheet risk, eliminates takeover possibility, and removes quarterly earnings pressure. Listed banks (Julius Baer, UBS) have public shareholders who need short-term results—this is a different incentive model. ### **How to choose between Pictet, Lombard Odier, and Mirabaud** Pictet—largest, broad alternatives, typical threshold CHF 5M+. Lombard Odier—ESG leader and oldest Swiss bank, CHF 5M+. Mirabaud—boutique, lower threshold (CHF 2–3M), personal relationship, strong brokerage. Choice depends on asset volume, investment priorities, and need for personal model. ### **Do Geneva banks accept sanctions-sensitive clients** Selectively. Basic scenario—non-resident with residency in Switzerland, EU, UK, Singapore, Hong Kong, or UAE; clean sanctions footprint per OFAC, EU, UK, Swiss FDF; non-PEP and non-SOE status; documented Source of Wealth with certification from UK solicitor, ACCA, or Big4. Client resident in a sanctions-sensitive jurisdiction—standard decline. ### **How do Geneva banks approach crypto** Conservatively. Crypto custody is typically not provided. Fiat proceeds from crypto sales are accepted only with documented Source of Wealth through licensed exchange with full KYC and audit. For crypto-native clients, specialized Swiss providers are better—Sygnum, SEBA. ### **Is remote onboarding possible** No. All three banks require in-person meeting in Geneva (or other booking centre). Video-KYC is possible only as intermediate step during document preparation, not as replacement for visit. ### **How long does onboarding take** For clean case—10–14 weeks: qualification, KYC, compliance review, in-person meeting, activation, and initial deposit. Non-resident linked to a sanctions-sensitive jurisdiction—12–20 weeks with extended due diligence. ## Related Topics > 🔗 **Related** > [Pictet Group](https://wiki.private.law/en/pictet-private-bank) · [Mirabaud & Cie SA](https://wiki.private.law/en/mirabaud-private-bank) · [Julius Baer](https://wiki.private.law/en/julius-baer) · [UBS Global Wealth Management](https://wiki.private.law/en/ubs-private-bank) · [CIM Banque](https://wiki.private.law/en/cim-banque) · [Private Banking](https://wiki.private.law/en/private-banking) · [Source of Funds](https://wiki.private.law/en/source-of-funds) · [Satellite Strategy](https://wiki.private.law/en/satellite-strategy) - Pictet Group—largest Swiss partnership - Mirabaud & Cie SA—boutique partnership - Julius Baer—listed Swiss pure-play - UBS Global Wealth Management—universal-bank alternative - CIM Banque—entry-level Swiss tier - Private Banking - Source of Funds - Satellite Strategy --- ## FAQ ### How to choose between Pictet, Lombard Odier, and Mirabaud Pictet—largest, broad alternatives, typical threshold CHF 5M+. Lombard Odier—ESG leader and oldest Swiss bank, CHF 5M+. Mirabaud—boutique, lower threshold (CHF 2–3M), personal relationship, strong brokerage. Choice depends on asset volume, investment priorities, and need for personal model. ### How do Geneva banks approach crypto Conservatively. Crypto custody is typically not provided. Fiat proceeds from crypto sales are accepted only with documented Source of Wealth through licensed exchange with full KYC and audit. For crypto-native clients, specialized Swiss providers are better—Sygnum, SEBA. ### How long does onboarding take For clean case—10–14 weeks: qualification, KYC, compliance review, in-person meeting, activation, and initial deposit. Non-resident linked to a sanctions-sensitive jurisdiction—12–20 weeks with extended due diligence. ## Key factual claims - All three are licensed by FINMA and fall under the Swiss Deposit Protection Scheme (esisuisse) with a limit of CHF 100,000 per depositor. --- ## FAQ ### How does partnership differ from a listed bank Partners bear unlimited personal liability for the bank's obligations. This reduces appetite for balance-sheet risk, eliminates takeover possibility, and removes quarterly earnings pressure. Listed banks (Julius Baer, UBS) have public shareholders who need short-term results—this is a different incentive model. ### How to choose between Pictet, Lombard Odier, and Mirabaud Pictet—largest, broad alternatives, typical threshold CHF 5M+. Lombard Odier—ESG leader and oldest Swiss bank, CHF 5M+. Mirabaud—boutique, lower threshold (CHF 2–3M), personal relationship, strong brokerage. Choice depends on asset volume, investment priorities, and need for personal model. ### Do Geneva banks accept sanctions-sensitive clients Selectively. Basic scenario—non-resident with residency in Switzerland, EU, UK, Singapore, Hong Kong, or UAE; clean sanctions footprint per OFAC, EU, UK, Swiss FDF; non-PEP and non-SOE status; documented Source of Wealth with certification from UK solicitor, ACCA, or Big4. Client resident in a sanctions-sensitive jurisdiction—standard decline. ### How do Geneva banks approach crypto Conservatively. Crypto custody is typically not provided. Fiat proceeds from crypto sales are accepted only with documented Source of Wealth through licensed exchange with full KYC and audit. For crypto-native clients, specialized Swiss providers are better—Sygnum, SEBA. ### Is remote onboarding possible No. All three banks require in-person meeting in Geneva (or other booking centre). Video-KYC is possible only as intermediate step during document preparation, not as replacement for visit. ### How long does onboarding take For clean case—10–14 weeks: qualification, KYC, compliance review, in-person meeting, activation, and initial deposit. Non-resident linked to a sanctions-sensitive jurisdiction—12–20 weeks with extended due diligence. ### How to choose between Pictet, Lombard Odier, and Mirabaud Pictet—largest, broad alternatives, typical threshold CHF 5M+. Lombard Odier—ESG leader and oldest Swiss bank, CHF 5M+. Mirabaud—boutique, lower threshold (CHF 2–3M), personal relationship, strong brokerage. Choice depends on asset volume, investment priorities, and need for personal model. ### How do Geneva banks approach crypto Conservatively. Crypto custody is typically not provided. Fiat proceeds from crypto sales are accepted only with documented Source of Wealth through licensed exchange with full KYC and audit. For crypto-native clients, specialized Swiss providers are better—Sygnum, SEBA. ### How long does onboarding take For clean case—10–14 weeks: qualification, KYC, compliance review, in-person meeting, activation, and initial deposit. Non-resident linked to a sanctions-sensitive jurisdiction—12–20 weeks with extended due diligence. --- ## Factual claims - All three are licensed by FINMA and fall under the Swiss Deposit Protection Scheme (esisuisse) with a limit of CHF 100,000 per depositor. - For UHNW from CHF 5M+ with 20+ year horizon, need for broad alternatives platform and multi-booking. - For HNW from CHF 2–10M who need a Geneva partnership without the Pictet or Lombard Odier threshold.