Swiss asset manager Vontobel said that it will repurchase a 12.5% stake owned by Raiffeisen amid legal dispute.
The move follows Raiffeisen decision to end their cooperation agreement signed in 2004, under which Vontobel provides back-office functions to Raiffeisen and Raiffeisen sells Vontobel’s structured financial products.
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Differences between the two firms emerged in November last year over whether Notenstein Privatbank, which Raiffeisen acquired in January 2012, should be included in the agreement, according to Reuters.
Vontobel said while it regrets Raiffeisen’s decision to end the cooperation agreement, repurchasing the shares will create flexibility in managing its capital structure.
The move has resulted in stepping down of Raiffeisen’s CFO Marcel Zoller from the board of directors of Vontobel with immediate effect.
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