Vontobel to exit local private clients business in Austria

The Vontobel Group, which is based in Switzerland, is strengthening its state-of-the-art Swiss booking platform in its cross-border wealth management business. As a result, it will exit its onshore business in Austria – with its Private Banking operations in Salzburg and Vienna – in the future. Vontobel remains committed to serving its Austrian private clients through its cross-border business, which it will operate from Zurich. The business with clients of Asset Management will continue to be run by the same team in Vienna.

The Vontobel Group is bundling its resources in its private clients business and will make increasing use of its Swiss booking platform in this area. In view of their geographical proximity, Austrian clients of Private Banking will be served by employees in Switzerland in the future. The business with clients of Asset Management is not affected: it will continue to be run by the same team in Vienna.

Bank Vontobel Österreich AG – which has Private Banking operations in Salzburg and Vienna – employs 38 people and was established in 1995. As of 30 August 2012, EUR 1 bn of private client assets were managed via the local booking platform. With its decision to exit its local private clients business in the coming months, the Vontobel Group is underscoring its cross-border strategy in which its Swiss home market serves as the hub. "The implementation of modern business models is a priority. Our goal is to reduce complexities in Private Banking and to operate cost-effectively. For this reason, we will not only conduct our business with Austrian private clients but also our Eastern European and Russian businesses exclusively out of Zurich and Geneva in the future," stated Dr. Zeno Staub, CEO of the Vontobel Group, with regard to the decision. "We will, however, continue to operate our local business with institutional clients in Austria and we will serve them from our Vienna office, as before," he emphasized.

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