Swiss private bank Vontobel Holding AG issued CHF450 million in Additional Tier 1 notes, with a 2.625% coupon.

The notes were issued at par. Vontobel said the proceeds from the deal will be used to finance its acquisition of Notenstein La Roche Privatbank AG from Raiffeisen Gruppe Switzerland and for other general business purposes.

Vontobel and Credit Suisse served as joint book runners on the transaction.