Vontobel buys private bank Notenstein La Roche for 700 mln Sfr

ZURICH, May 24 (Reuters) - Swiss private bank and asset manager Vontobel is buying private bank Notenstein La Roche from Swiss cooperative bank Raiffeisen for 700 million Swiss francs ($705.08 million), the two parties said on Thursday.

“Notenstein La Roche perfectly complements the strong organic growth we have achieved in wealth management over a number of years,” Vontobel Chief Executive Zeno Staub said in a statement. “The enlarged client base gives us an opportunity to make even more effective use of our successful platforms.”

The transaction, which the parties expect to be completed in the third quarter of 2018 subject to regulatory approval, would be financed through available capital and an additional Tier 1 bond.

Notenstein La Roche holds client assets totaling around 16 billion Swiss francs ($16.12 billion). ($1 = 0.9928 Swiss francs) (Reporting by Brenna Hughes Neghaiwi)