September 4, 2015 / 5:31 AM / 2 years ago

Vontobel says to buy Italmobiliare's Finter Bank Zurich

ZURICH, Sept 4 (Reuters) - Swiss bank Vontobel said on Friday it had agreed to buy Italmobiliare-owned Finter Bank Zurich to boost its wealth management business with Italian clients.

Zurich-based Vontobel said the purchase price amounted to about 1.1 percent of Finter’s 1.6 billion Swiss francs ($1.65 billion) in assets under management plus its book value. Finter employs around 65 staff, Vontobel said in a statement.

Vontobel, which also has investment banking and asset management units, held 181 billion francs of client assets at the end of June. ($1 = 0.9724 Swiss francs) (Reporting by Joshua Franklin; Editing by Anand Basu)

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