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Vontobel seeks full banking licence in Germany

Thu Oct 9, 2008 7:16am EDT

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MUNICH, Germany, Oct 9 (Reuters) - Swiss private bank Vontobel (VONN.S) has applied for a full banking licence in Germany, aiming to make it its second domestic market after Switzerland, it said on Thursday.

Vontobel has been offering wealth management services in Germany since 2002 and has offices in Munich, Cologne and Frankfurt. It also offers investment banking services.

The group plans to open a fourth office in Hamburg and aims to combine all its German business activities within a new company once it acquires the full banking licence.

"The measures we have initiated mark the start of the next stage in our strategic growth programme," Vontobel Chief Executive Officer Herbert Scheidt said in a statement.

At the end of June 2008 the group held assets of more than 113 billion Swiss francs ($100 billion). (Reporting by Christian Kraemer; Writing by Lisa Jucca; Editing by Quentin Bryar)



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