Vontobel is selling its Liechtenstein operations and booking platform to Kaiser Partner Privatbank, the firm has announced.
The decision has been made to enable the firm to focus on its Swiss and German platforms, which already provide necessary access to the European market.
The transaction will be completed in the first quarter of 2018. The purchase price has not been disclosed.
In the course of the transaction, Vaduz-based Kaiser Partner Privatbank will take on all Vontobel clients in Liechtenstein, assets under management of CHF 1.4 billion and 15 employees.
Commenting on the move, 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.’
Fritz Kaiser, owner and chairman of the board of directors of Kaiser Partner, said: ‘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.’