Notenstein Private Bank is planning to acquire the client assets of the Swiss subsidiary of the Landesbank Baden-Württemberg, (LBBW (Switzerland) AG).
The investment into LBBW (Switzerland) AG will boost Notenstein’s wealth management business for private clients.
The acquisition is expected to close in the fourth quarter of 2014. Financial terms of the transaction have not been revealed.
In addition, the planned acquisition, which comes as part of the bank’s strategy to invest in selected core markets, will expand its wealth management business for private clients in Switzerland and Germany.
LBBW (Switzerland) AG is a Swiss-based independent wealth management company and a full subsidiary of the Landesbank Baden-Württemberg.
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Notenstein Private Bank has already provided services to LBBW (Switzerland) AG in several fields including trading, administration and IT.
Adrian Künzi, CEO of Notenstein Private Bank, said: "The acquisition of these client assets underpins our longterm strategy in private banking: to expand our market share in selected key markets. I am confident that we are the ideal partner for the new clients that will be joining our bank."