Clarification of Notenstein issue – Vontobel affirms commitment to cooperation agreement with Raiffeisen

Medienmitteilungen

07.11.2012 Lesezeit: 1 Minute(n)

In 2004, after having worked together in the investment funds business for around 10 years, Raiffeisen Switzerland and the Vontobel Group entered into a more in-depth strategic cooperation. Under the terms of their cooperation agreement that is valid until 2017, Vontobel acts as a competence centre for Raiffeisen's investment business and has therefore also assumed responsibility for Raiffeisen's securities settlement and administration activities. This agreement encompasses all Raiffeisen group companies. To strategically underpin their far-reaching cooperation, Raiffeisen acquired a 12.5% stake in Vontobel Holding AG. This participation is tied to their cooperation and is subject to contractual limits. After holding a number of talks, Vontobel and Raiffeisen have been unable to reach an agreement concerning the inclusion of Raiffeisen's recently acquired group company, Notenbank Privatbank AG, in the cooperation agreement. As a result, definitive clarification of this matter shall now be obtained through independent arbitration proceedings.

When it acquired Notenstein Privatbank AG in January 2012, Raiffeisen introduced a new group company into its ongoing cooperation arrangement with Vontobel. However, the two parties have so far been unable to reach a joint understanding regarding the interpretation of the cooperation agreement in respect of the Notenstein issue. Independent arbitration proceedings – as explicitly prescribed in the cooperation agreement in the event of any such differences – will therefore be initiated by Vontobel to determine the extent to which the cooperation agreement also applies to Notenstein Privatbank AG. The cooperation agreement stipulates that the decision reached by the court of arbitration is final and shall be accepted by both parties. This issue has no impact on the present cooperation between Raiffeisen and Vontobel.

"We stand by our existing cooperation agreement with Raiffeisen. This agreement is based on clear industrial logic and generates measurable advantages for both parties," explained Zeno Staub, CEO of the Vontobel Group. "We are, and will remain, fully committed to our successful and constructive cooperation with the Raiffeisen Group and the individual Raiffeisen banks under all circumstances," he added.

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