Swiss wealth manager LBBW has about 1 billion
Swiss francs ($1.09 billion) in assets under management and
Notenstein, which is owned by Swiss lender Raiffeisen, said it
expected to take on most of these assets.
A spokeswoman for Notenstein declined to disclose the price of
the deal and said that the bank planned to take on a handful of
LBBW's client advisory staff as part of the transaction, without
elaborating further.
A Notenstein statement said that it expects to conclude the deal
in the fourth quarter of this year.
Some experts expect the Swiss banking sector to shrink by around
a third in the coming years as higher regulatory costs push
smaller players to sell up or close down.
Julius Baer, which has been an active acquirer, said last month
that it would buy the private banking activities of Israel's
Bank Leumi in Luxembourg and Switzerland for up to 70 million
francs.
An expected resolution to the U.S. tax evasion investigation
into Swiss banks is expected to be a catalyst for consolidation
in the country's private banking industry, senior bank
executives told the Reuters Wealth Management Summit in June.
(1 US dollar = 0.9158 Swiss franc)
(Reporting by Joshua Franklin and Oliver Hirt; Editing by David
Goodman)
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