Liechtenstein-based wealth and asset management company LGT Group has completed its acquisition of Dresdner Bank (Switzerland) from Commerzbank for an undisclosed sum.

Through the deal, first announced in July, LGT said it has increased its assets under management by SFr9.4 billion ($9.4 billion) nearly doubling its assets to SFr20 billion, on the basis of end-2008 figures.

"In line with our wealth management strategy, we have focused for around ten years on developing and expanding our locally regulated banking businesses in Switzerland, Germany and Austria, as well as on international growth markets in the Middle East, Central and Eastern Europe and Latin America,” said Prince Max von und zu Liechtenstein, LGT’s chief executive."

"Thanks to the takeover of Dresdner Bank (Switzerland), we have significantly improved our market position in both areas. Especially at a time when cross-border banking business is undergoing rapid change in our core markets, we are even more confident of the correctness of our international growth strategy and shall steadily continue to implement it."

From February 2008 onwards Dresdner Bank (Switzerland) will be fully integrated into LGT Group and will operate under the LGT brand. What will henceforth be known as LGT Bank (Switzerland) has offices in Basle, Berne, Geneva, Lucerne, Lausanne, Lugano and Zurich.

Commerzbank – like several other European banks - has moved to sell-off non-domestic assets as a condition of receiving state aid under European Commission rules. In October UK private bank Kleinwort Benson was sold to the Belgian holding company RHJ International and Commerzbank has since shed its 74 per cent stake in Austria's Privatinvest Bank to Zuercher Kantonalbank.