Upon conclusion of the transaction, Bank La Roche will operate as Notenstein La Roche Private Bank.
According to Notenstein, the acquisition of Bank La Roche which manages $7bn of assets, will bolster the company’s core business and underscores its growth strategy in wealth management for private investors in Switzerland, while improving its market position.
Raiffeisen Group CEO and Notenstein board of directors chairman Dr Pierin Vincenz said: "The acquisition of the client relationships of Bank La Roche & Co Ltd by Notenstein Private Bank Ltd is part of Raiffeisen Group’s diversification strategy and strengthens Notenstein as a competence centre in investment advisory services for private clients."
Notenstein Private Bank CEO Dr Adrian Künzi said: "Bank La Roche & Co Ltd is an ideal fit with the culture and client structure of Notenstein. Both houses have a long history and rich tradition, and share the same values as former private banking partnerships.
"We are confident that, with the support of our parent company, we can be a strong partner for the clients of Bank La Roche & Co Ltd."
Following the transaction, which excludes all clients with a direct or indirect connection to the USA, Bank La Roche’s business activities and staff will be moved to Notenstein over the next six months.
The companies have not disclosed the transaction value.
Image: Notenstein bank headquarters, the Nothveststein building. Photo: courtesy of Wegelin & Co.
