Kaiser Partner Privatbank, a Liechtenstein-based private bank, has agreed to acquire Vontobel’s Liechtenstein wealth management arm, for an undisclosed sum.
The sale follows Vontobel’s decision to focus on its Swiss and German platforms to boost operational efficiency and improve gross margin of its wealth management business.
The two companies will also cooperate on securities, which according to Vontobel will offer additional revenues.
The transaction will add CHF1.4bn in assets to Kaiser Partner’s portfolio. As part of the deal, about 15 employees will join Kaiser Partner.
Vontobel CEO Zeno Staub said: “We want to focus even more intensively on client needs and we are therefore further sharpening our cross-border strategy and reducing complexity. With our German subsidiary, we also have the right strategic positioning to access the European market.”
The deal is anticipated to be completed in the first quarter of 2018, subject to regulatory nod.
Kaiser Partner owner and chairman of the board of directors Fritz Kaiser added: “With this acquisition, we are taking an important step forward in the growth of our business and we are gaining Vontobel as a new partner in the international securities business.”