Swiss private bank AAM Privatbank has been sold to Basler Kantonalbank (BKB), the cantonal bank of Basel. Terms of the deal were not disclosed.

AAM Privatbank is an independent bank focusing on the administration of assets, with offices in Basel, Bern, Geneva and Zurich; the bank was previously owned by Basellandschaftliche Kantonalbank (BLKB), the cantonal bank of Basel-Country.

BLKB said in a statement that following the sale it will focus on its core business and will expand its own asset management and private banking competences. Through its acquisition of AAM Privatbank, BKB has also purchased its subsidiary firms, which include Gräff Capital Management and ATAG Private Client Services.

BKB, which has been involved in private banking for several decades, said in a statement that AAM Privatbank will be integrated into the cantonal bank. The acquisition is intended to increase BKB’s know-how and onshore business in Switzerland, said Hans Rudolf Matter, head of corporate management at the Baseler Kantonalbank.

“We are convinced that the integration will carry great advantages due to asset growth and a higher cost-efficiency,” Mr Matter said. 

AAM Privatbank – headquartered in Basel – has a history going back to 1917. It was acquired by BLKB in 2001; at the moment it has a headcount of 96 and has SFr3.1 billion ($2.9 billion) in client assets under management.

Cantonal banks are Swiss government-owned commercial banks; there are 24 in the Alpine state.