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Vontobel Holding closes Notenstein La Roche acquisition


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Vontobel Holding closes Notenstein La Roche acquisition

Vontobel Holding AG said July 2 that it completed its acquisition of Notenstein La Roche Privatbank AG from Raiffeisen Schweiz Genossenschaft.

The purchase price for the deal was about CHF700 million, and Vontobel partly funded the acquisition by issuing CHF450 million in additional Tier 1 bonds in June.

Notenstein will be merged with Bank Vontobel AG and the migration of its systems is expected to be completed by the end of the third quarter. The deal is also expected to significantly contribute to Vontobel Wealth Management's profit by 2019.