Swiss private bank Vontobel has agreed to acquire Finter Bank Zurich, which is owned by Italmobiliare, to strengthen its wealth management business with Italian clients.
Vontobel said that the purchase price amounts to approximately 1.1% of Finter’s assets under management plus its book value.
Finter offers private banking services to clients domiciled in Switzerland and Italy and has offices in Zurich and Ticino. It has assets under management totalling CHF 1.6 billion and employs around 65 staff.
Under the deal, Italmobiliare will receive part of the purchase price in Vontobel shares. Also, Italmobiliare will support Vontobel’s expansion in the Italian market as part of a long-term commitment.
Georg Schubiger, head of Vontobel Private Banking, commented: "Finter is a perfect fit with Vontobel’s corporate culture and business model. By combining our competencies, we can offer clients domiciled in the Italian-speaking region a more comprehensive and more international range of services, while maintaining the same high quality of advice.
"Added to this, with our new presence in Ticino we will be making a further investment in the Swiss financial centre. We are very much looking forward to working together with our new colleagues, and continuing to develop our business in the Italian market with them."