Coutts has sold its Bank von Ernst (Liechtenstein) subsidiary to EFG International for an undisclosed sum. Bank von Ernst (Liechtenstein...

Coutts has sold its Bank von Ernst (Liechtenstein) subsidiary to EFG International for an undisclosed sum. Bank von Ernst (Liechtenstein) was founded in 1998 in Vaduz under the name of Anlage- und Geschaeftsbank and was acquired by former Bank von Ernst & Cie in 1999. It employs eight relationship managers and has assets under management of approximately SFr1.6 billion ($1.2 billion). “Being part of EFG International as an independent subsidiary bank under the traditional name of Bank von Ernst (Liechtenstein) will give us a great opportunity to expand our business in Vaduz and provide wider benefits to our clients,” said Ernst Weder, chief executive of Bank von Ernst (Liechstenstein). The acquisition for EFG is the second this week. Earlier the London subsidiary, EFG Private Bank, bought Chiltern Wealth Management, which employs four client directors and has assets under management of around $450 million.