Vontobel private bank is getting rid of its wealth management in Liechtenstein. The decision to sell the unit was taken in conjunction with its strategy to concentrate on fewer booking centers.

Kaiser Partner Privatbank agreed to buy Vontobel’s business with private clients in Liechtenstein, the Swiss bank said in a statement today. Kaiser will retain the 15 members of staff and assume the client portfolios worth some 1.4 billion Swiss francs. Vontobel didn’t disclose the price of the transaction.

Two Booking Platforms

Vontobel henceforth will operate two booking platforms only, one in Switzerland, the other in Germany, serving the European Union. The Zurich-based private initiated the reduction in platforms a couple of years ago with the closure of the centers in Dubai and Austria.

The aims to generate a higher margin with the wealth management assets. Selling the Vaduz-based operations will enable the firm to reduce operational complexity and to increase efficiency.

Cooperation With Buyer

Vontobel and Kaiser in future will closely cooperate in the securities business, increasing revenue.

Vontobel and Kaiser need regulatory approval for the transaction and expect to conclude the deal in the first quarter of 2018. Vontobel recently acquired the Eastern Europe portfolio of Notenstein La Roche.