Swiss-based bank Valartis Group has acquired Hypo Investment Bank (Liechtenstein), which it says is a “substantial addition” to its private banking activities, taking assets under management to around SFr6 billion ($5.83 billion), an addition of around SFr1.6 billion.

The purchase price of the deal was not disclosed by either firm.

Hypo Investment Bank (Liechtenstein) is a subsidiary of Vorarlberger Landes-und Hypothekenbank, Bregenz, and has 50 employees and around 4,500 high net worth clients.

The firm was set up with a full banking licence in 1998. The focus of the bank's activities is on continental Europe. Recent past has seen a drive to expand the presence in the growth markets of East and South-East Europe, the Middle East, South America and Asia.

"Expanding private banking is at the heart of Valartis Group’s growth strategy. After the acquisition of a Private Bank in Vienna in December 2008 and the acceleration of private banking activities in Zurich and Geneva, the purchase of Hypo Investment Bank marks a further step in the Group’s efforts to boost profitability and broaden its base," Valartis said in a statement.

Under the terms of the deal, Valartis is financing the transaction from its own resources and the deal is subject.