Vontobel’s  acquisition of previously announced acquisition of Notenstein La Roche Privatbank from Raiffeisen Switzerland has now been completed.

With 13 branches across Switzerland, Notenstein La Roche manages nearly CHF16bn in client assets. It also provides services to various international markets, including Germany.

The acquisition, first announced on 24 May 2018, is valued at CHF700m.

Vontobel expects the acquisition to contribute “significantly” to its wealth management profit from next year.

The company financed the transaction through existing equity and additional tier-1 bond (AT1 Bond), which was successfully placed last month.

The integration of Vontobel and Notenstein La Roche as well as the migration to Vontobel systems is expected to be achieved by the third quarter of 2018.

Vontobel wealth management head Georg Schubiger said: “Initial reactions to the takeover of Notenstein La Roche Privatbank make us feel very positive. Our new clients will in future benefit from the opportunities and expertise of a Swiss asset manager with international operations.

“Thanks to its new employees and locations, Vontobel will be even closer to its clients in the future. We will take advantage of this in the pursuit of our ambitious organic growth targets across a wider Swiss base.”