This acquisition strengthens Vontobel’s presence in Germany, Austria and Switzerland. It was financed by Vontobel’s existing capital.
Management bank Vontobel has completed the takeover of IHAG Privatbank clients. The latter had already announced the cessation of its management activities after the transaction.
IHAG customers will be integrated into Vontobel’s private customer segment, the bank said in a press release on Monday. This acquisition, valued at approximately 3 billion francs in customer funds and announced in September 2024, strengthens Vontobel’s presence in Germany, Austria and Switzerland. It was financed by Vontobel’s existing capital.
IHAG Privatbank announced last September that it would cease its management activities following the transaction. “The decision was taken primarily due to the private bank’s lack of critical mass and the absence of inorganic growth opportunities,” a statement said.
The managing director of IHAG Privatbank, Martin Keller, will step down and be replaced by current board member Sascha Hostettler who is leading the transaction. A social plan for employees will be put in place.
Swiss
