September 4, 2015 / 9:18 AM / 2 years ago

UPDATE 1-Vontobel to buy Italmobiliare's Finter Bank Zurich

(Adds CEO and analyst comment, detail, shares)

* Vontobel to buy Finter Bank Zurich from Italmobiliare

* Italmobiliare said it would receive about 80 mln Sfr

* Vontobel CEO says open to doing more deals

By Joshua Franklin

ZURICH, Sept 4 (Reuters) - Swiss bank Vontobel has agreed to buy Finter Bank Zurich from Italmobiliare to boost its wealth management business, and says it has cash for more deals.

Italmobiliare is the latest foreign bank to sell a Swiss unit, following the likes of RBS and RBC, as an international crackdown on tax avoidance and costly regulation push banks to sell up or close down.

Consultancy KPMG expects the number of Swiss private banks to fall to fewer than 100 in the next three years from around 130 now.

Zurich-based Vontobel said on Friday the purchase price for Finter, which employs around 65 staff, amounted to about 1.1 percent of its assets under management plus its book value.

Italmobiliare said it would get about 80 million Swiss francs ($82 million) from Vontobel.

Vontobel Chief Executive Zeno Staub said the bank was open to more deals.

"We are happy to take on acquisitions if they fit our criteria ... The transaction of this morning -- neither from a complexity, size, managerial impact or capital -- would in any way hinder that," he said in a media call.

With Finter's 1.6 billion Swiss francs in assets under management, the deal will boost Vontobel's access to the Italian market and add scale to its wealth management business, he added.

Vontobel's private bank had 32.5 billion francs in assets at the end of June and some analysts argue it needs to bulk up.

"In our opinion the purchase doesn't represent the big leap in private banking but is certainly a step in the right direction," Zuercher Kantonalbank analyst Michael Kunz, who has a 'market weight' rating on the stock, wrote in a note.

Shares in Vontobel were down 1.5 percent by 0853 GMT, slightly outperforming the European banking sector index , which was down 2.1 percent.

$1 = 0.9732 Swiss francs Additional reporting by Oliver Hirt; Editing by Anand Basu and Mark Potter

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