July 26, 2016 / 9:20 AM / 3 years ago

Vontobel CEO caps private banking M&A deals at $20 bln in assets

ZURICH, July 26 (Reuters) - Swiss bank Vontobel is open to making acquisitions in private banking but is unlikely to pursue a deal involving assets of more than 20 billion Swiss francs ($20.3 billion), Chief Executive Zeno Staub told Reuters on Tuesday.

“Probably 20 billion, private wealth,” Staub said, when asked what would be the maximum size of deal in terms of assets under management that Vontobel would pursue.

Staub said the bank also had clear criteria for purchases in asset management but that it was much harder to give a number for a maximum deal size in this industry.

Staub was speaking on the sidelines of a news conference for Vontobel’s half-year results. ($1 = 0.9844 Swiss francs) (Reporting by Joshua Franklin)

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