The Zurich-listed firm said the acquisition has a positive effect on its group net profit.

Vontobel has completed its acquisition of the client book from fellow Swiss firm IHAG Privatbank, which oversees SFr3 billion ($3.53 billion) of client money, the firm said in a statement yesterday.

The purchase – financial sums were not disclosed – was initially announced on 19 September last year. The deal bolsters Vontobel’s presence in the DACH [Germany, Austria and Switzerland) region, it said. 

IHAG clients have been integrated into Vontobel’s private clients segment.

Vontobel said the deal, which was financed out of its existing capital, positively affects its group net profit from day one. Further details of the acquisition are subject to confidentiality agreements and will not be disclosed.

In February 2022, IHAG Privatbank appointed Michael Gassmann as its new chief operating officer, replacing Manuel Bächi, who left to take on new opportunities after spending four years at the bank. 

Founded 75 years ago, IHAG Privatbank is owned by Gratian Anda, a descendant of industrialist and arms manufacturer Emil Georg Buehrle. The bank was established to support the financial activities of the different companies of Buehrle. IHFS Holding AG, which owns 100 per cent of the capital of Privatbank IHAG Zürich, is owned by Carol Franz-Bührle and family (20 per cent share) and Gratian Anda and family (80 per cent share).

In January 2021 IHAG Privatbank named former Falcon Private Bank chief executive Martin Keller as its CEO.