Finter Bank offers private banking services and has CHF1.6bn ($1.64bn) in assets under management.
Under the deal, Italmobiliare will receive certain shares in Vontobel and will help the latter’s expansion in the Italian market.
Vontobel plans to use its own assets and treasury shares to fund the purchase, and expects the deal contribute to its earnings from as early as 2016.
Vontobel private banking head Georg Schubiger said: "Finter is a perfect fit with Vontobel’s corporate culture and business model.
"By combining our competencies, we can offer clients domiciled in the Italian-speaking region a more comprehensive and more international range of services, while maintaining the same high quality of advice."
With this deal, Finter’s clients will gain access to Vontobel’s global investment expertise and its products and services.
Italmobiliare CEO Carlo Pesenti said: "As the main shareholders of Italmobiliare, we will use our expertise to support Vontobel in its targeted strategy in the Italian private banking market."
