Notenstein La Roche Private Bank Ltd sold a non-strategic Eastern European portfolio containing around CHF 2bn in assets under management to Vontobel. The majority of the respective team will transfer to Vontobel as well.
The customer portfolio primarily consists of high net worth individuals (HNWIs) from Eastern European countries. As part of the transaction, the majority of the respective team will transfer to Vontobel and join Vontobel’s current Central & Eastern Europe team. The assets are held on the books in Switzerland.
Adrian Künzi, CEO of Notenstein La Roche, commented: “As part of our rigorous development strategy, we are focusing our extensive advisory expertise on our Swiss home market and a few selected international markets. This means giving up certain markets and directing future investment to markets where we can best meet our clients’ needs and operate at a profit.”
Georg Schubiger, member of the Executive Board and head of Vontobel Private Banking, said: “The Eastern European portfolio perfectly complements our organic growth in the region. It strengthens our commitment to grow steadily in our home market and our focus markets. In addition, it improves our position in a region where we already have strong capabilities. We welcome all the new clients and look forward to our new colleagues.”
The transaction, will be completely equity-financed while maintaining a strong equity base. The closing of the transaction is expected in the coming weeks. The portfolio will be transferred to Vontobel’s Swiss booking platform, thus respecting the customary Swiss standards which are internationally accepted.