Commerzbank, which has received state funds from the German government to bolster its finances, has been disposing of non-German assets under European Union market rules for receiving such aid. LGT Group, the Liechtenstein-based wealth manager, is to buy Dresdner Bank (Switzerland) from Commerzbank, which has also put its UK wealth management business, Kleinwort Benson, up for sale.
By acquiring Commerzbank (Schweiz), the total assets managed by Vontobel Group has increased to SFr69.5 billion, ($66 billion) including SFr29 billion in Private Banking, as at 30 June 2009.
The Swiss unit of Commerzbank is headquartered in Zurich and has a branch in Geneva, as well as a subsidiary in Vienna. It had shareholders’ equity of SFr214 million and total assets of SFr706 million at the end of last year, with a total of 127 staff, Vontobel said in statement.
"The operational integration process is on track and we anticipate that the organisational merger will be completed in the first quarter of 2010. Our main focus is now on optimally combining our respective strengths and our ability to cultivate the market, as well as on fine-tuning our products and services,” saidPeter Fanconi, head of private banking at the Vontobel Group.