Vontobel has completed the acquisition of Notenstein La Roche Privatbank AG, announced on 24 May 2018, as planned.
With the acquisition of Notenstein La Roche, Vontobel optimally complements above-average organic growth in wealth management and external asset managers (EAM). In addition, Vontobel is strengthening its own domestic market with Notenstein La Roche’s additional locations and underscoring its position in Switzerland.
Notenstein La Roche manages around CHF16.5bn in asset management and business with EAM at 13 locations in Switzerland. The customer focus is in Switzerland. In addition, the private bank primarily serves clients from Germany and a number of other international markets.
The acquisition was financed by Vontobel through its own funds and capital raised in the form of an Additional Tier 1 (AT1) bond successfully placed on June 13, 2018 for a nominal CHF450m with a coupon of 2.625%.
By the end of the third quarter of 2018, the merger of Bank Vontobel AG with Notenstein La Roche Private Bank Ltd and the migration to the Vontobel systems should be completed. The acquisition is expected to make a significant contribution to profit for Vontobel Wealth Management as early as 2019.