June 30, 2016 / 5:25 AM / 3 years ago

Swiss bank Vontobel to buy Raiffeisen's asset management unit

ZURICH, June 30 (Reuters) - Swiss bank Vontobel said on Thursday it plans to buy Vescore Ltd, the asset management subsidiary of Swiss cooperative lender Raiffeisen, a deal it hopes will boost its presence in Switzerland and its institutional business in Germany.

“With the acquisition of Vescore Ltd, we are pursuing our carefully considered growth strategy in our target markets,” Vontobel Chief Executive Zeno Staub said in a statement.

Vescore, which is headquartered in St. Gallen, manages 15 billion Swiss francs ($15.3 billion) in client assets, Vontobel said. ($1 = 0.9797 Swiss francs) (Reporting by Joshua Franklin; Editing by Gopakumar Warrier)

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