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Swiss Private Bank Snaps Up Portfolio From Native Rival
The terms of the deal were not disclosed.
Swiss private bank Vontobel has bought a
portfolio with SFr2 billion ($2.06 billion) of assets under
management from Notenstein
La Roche Private Bank, as the latter firm eyes potential in
the Alpine State and certain international markets.
As part of the sale of Notenstein's non-strategic Eastern
European portfolio, the respective team will transfer to
Vontobel, the firm said in a statement.
The portfolio primarily comprises assets held by high net worth
individuals from Eastern European countries. The assets are held
on Swiss books.
The transaction is expected to close in coming weeks, Vontobel
said, but failed to disclose the terms of the deal.