The private bank of Raiffeisen is evaluating a cooperation with DZ Privatbank Switzerland, according to information obtained by finews.ch. Notenstein is under pressure to increase its asset under management.
Notenstein La Roche, the private-banking unit of Raiffeisen Switzerland, hasn't really taken off yet, proof of which came in the half-year report. Patrik Gisel, the CEO of Raiffeisen, knows as much, saying that the results were yet satisfactory.
Adrian Kuenzi, the head of Notenstein La Roche, has to dig in his heels if he wants to meet the target of 44 billion francs in assets under management within five years. Today, he is at 21 billion.
To double assets under management within five years is nigh on impossible without a major acquisition – and Kuenzi is aware of this.
Outcome: Open
Therefore, he approached DZ Privatbank Switzerland. The two banks have agreed to evaluate the possibility of cooperations with a view to strengthen private banking in the respective home markets of the companies, Notenstein told finews.ch.
The management of both companies have signed a letter of intent and the negotiations are held with an open view with regard to their result, Notenstein La Roche said.
Takeover Imminent?
One of the options is a takeover of DZ Privatbank, based in Zurich since 1975, by the Raiffeisen unit. An option that «Inside Paradeplatz» says is imminent.
DZ Privatbank manages about 5 billion francs in client assets. The then La Roche 1875 by contrast had about 10 billion under management.
