A large wealth management deal in Switzerland is seeing Vontobel acquiring private bank Notenstein La Roche from Raiffeisen Switzerland.
Vontobel – which runs wealth and asset management, and an investment banking business – is paying Raiffeisen Switzerland 700 million Swiss francs (€601 million) for Notenstein, which caters for high-net-worth clients.
Raiffeisen Switzerland said it had decided to focus on private clients with low to medium assets.
Raiffeisen Switzerland, which is part of the wider Raiffeisen group based in Austria, and Vontobel, which is based in Switzerland, expect to close the deal in the third quarter.
Vontobel gains 16 billion Swiss francs in assets from Notenstein's wealth management and external asset managers businesses, which adds to Vontobel's approximately 54 billion Swiss francs in combined wealth management assets.
The firm's wealth management unit has set itself a target of increasing net net money by 4-6% by 2020.
Zeno Staub, chief executive of Vontobel, said: "the acquisiton of Notenstein La Roche and its branch network vindicates our claim to be a leading global wealth manager with solid Swiss roots."
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