A spokesperson at Vienna Insurance Group, one of the biggest insurance companies in Austria as well as Eastern Europe, told WealthBriefing that these media reports were accurate and the bank is indeed planning to sell its stake in the private bank.

Reuters reported that Bank Frick had net profits of SFr6.6 million ($6.4 million) last year, and assets of SFr587.5 million.

In recent weeks, there has been considerable merger and acquisition activity in the private banking sector, such as the acquisition of the Swiss private banking business of ING by Julius Baer. Also, Deutsche Bank is looking to acquire a majority stake in Sal Oppenheim, the Luxembourg-based private bank, with details of a deal expected to emerge at the end of the month.

In the US, deals have included the Morgan Stanley Smith Barney joint venture between Citi and Morgan Stanley, the takeover of Wachovia by Wells Fargo, and Bank of America's purchase of Merrill Lynch.