Vontobel to buy Oriental European private banking portfolio from Notenstein

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    Vontobel to Purchase eastern European private banking portfolio from Notenstein

    The majority of the staff managing the portfolio will move to Vontobel and the resources will be reserved in Switzerland, Vontobel said in a statement.
    ($1 = 0.9656 Swiss francs)

    ZURICH (Reuters) – Swiss bank Vontobel has agreed to get a approximately 2 billion Swiss franc ($2.1 billion) portfolio of eastern European private banking clients from Notenstein La Roche Private Bank Ltd, it said on Monday.

    The pair didn’t disclose a price for the deal but a normal guideline in pricing private banking transactions is to pay around 1-2 percent of the assets being acquired.

    Published at Mon, 21 Aug 2017 05:38:22 +0000

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