Swiss group Vontobel Holding AG completed the sale of its Liechtenstein subsidiary, including the local booking platform, to Liechtenstein-based wealth manager Kaiser Partner Privatbank.

Vontobel agreed to closely cooperate with Kaiser Partner Privatbank in the securities business, which is expected to generate additional revenues and economies of scale, the Swiss bank said.

Vontobel noted that the sale of its operations in Liechtenstein allows it to focus on the wealth management businesses in Switzerland and Germany, thereby reducing complexity and increasing operational efficiency in that area of its operation. The sale is also expected to have a positive impact on the gross margin in wealth management, Vontobel said.

The Swiss group and Kaiser Partner Privatbank agreed on the transaction in December 2017.