Notenstein La Roche has just being acquired by Vontobel, a Swiss investment manager.
Vontobel said in a statement that the acquisition of Notenstein La Roche locations will enable Vontobel to strengthen its domestic market and underline its position as one of the leading private banks in Switzerland.
Notenstein La Roche manages around CHF 16.5 billion through asset management and in business with EAM at 13 locations in Switzerland. Most of its clients are in Switzerland. Additionally, the private bank primarily takes care of clients from Germany and a host of other international markets.
“Initial reactions to the takeover of Notenstein La Roche Privatbank AG make us feel very positive. Our new clients will in future benefit from the opportunities and expertise of a Swiss asset manager with international operations. Thanks to its new employees and locations, Vontobel will be even closer to its clients in the future. We will take advantage of this in the pursuit of our ambitious organic growth targets across a wider Swiss base,” says Georg Schubiger, Head of Vontobel Wealth Management.
Vontobel financed the acquisition through existing equity and the raising of capital in the form of an Additional Tier-1 Bond (AT1 Bond), which was successfully placed on June 13, 2018, for a nominal CHF 450 million and with a coupon of 2.625 percent.
The merger of Bank Vontobel AG and Notenstein La Roche Privatbank AG and the migration to Vontobel systems should be completed by the end of the third quarter of 2018. The acquisition is expected to contribute significantly to the profits of Vontobel Wealth Management from as early as 2019.