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Vontobel to buy eastern European private banking portfolio from Notenstein

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Vontobel to buy eastern European private banking portfolio from Notenstein

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ZURICH (Reuters) – Swiss bank Vontobel has agreed to buy a roughly 2 billion Swiss franc (1.6 billion pounds) portfolio of eastern European private banking clients from Notenstein La Roche Private Bank Ltd, it said on Monday. The majority of the team managing the portfolio will move to Vontobel and the assets will be booked in Switzerland, Vontobel said in a statement. The pair did not disclose a price for the deal but a typical rule of thumb in pricing private banking transactions is to pay around 1-2 percent of the assets being acquired.

(Reporting by Joshua Franklin)
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