Vontobel Group completes acquisition of Commerzbank (Schweiz) AG
October 02, 2009 | by Vontobel
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October 02, 2009, On 1 October 2009, the Vontobel Group completed the acquisition of Commerzbank (Schweiz) AG, which was announced at the end of July. The total volume of assets managed by the Vontobel Group has increased to CHF 69.5 billion, including CHF 29 billion in Private Banking (figures at end of June 2009), as a result of the transaction.
Thanks to the excellent cooperation with our new colleagues, the acquisition was executed rapidly and smoothly. The operational integration process is on track and we anticipate that the organizational merger will be completed in the first quarter of 2010. Our main focus is now on optimally combining our respective strengths and our ability to cultivate the market, as well as on fine-tuning our products and services. In view of the purely positive response from clients, we are confident that we will realize our goal of strategically strengthening our activities in our core markets in Switzerland, Western and Eastern Europe and Latin America," commented Peter Fanconi, Head of Private Banking at the Vontobel Group.
The activities of the Vontobel Group and Commerzbank (Schweiz) AG in Zurich, Geneva and Vienna will be combined, and the IT systems of Commerzbank (Schweiz) AG will be migrated to the Vontobel Group's proven Avaloq platform. Following the completion of the legal merger, the well-established Vontobel brand will be adopted for all operations. This unified market presence is expected to be implemented at the start of 2010.
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Source: Vontobel, Press release