Fitch revises Quintet view to negative

Fitch Ratings said it revised Quintet Private Bank (Europe) SA's outlook to negative from stable and affirmed its BBB long-term issuer default rating and viability rating at bbb. The agency also affirmed the BB- rating on the €125 million of perpetual subordinated additional tier 1 capital notes.

“The negative outlook reflects that the expected franchise and profitability improvements we factored in the bbb VR are likely to be delayed or less pronounced than originally anticipated. This is because of further organizational changes and restructuring, high management turnover and a recent weak record in attracting net new money organically,” Fitch said in a press release.

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