Vontobel to tap Asia’s potential with ANZ cooperation agreement
Swiss bank Vontobel AG has signed a cooperation agreement with ANZ to increase its presence in Australia, New Zealand, Hong Kong and Singapore.
The alliance between the two groups will become effective in the first half of 2013, when ANZ will offer Vontobel’s investment and product expertise via its distribution network in the region.
ANZ is the the biggest financial institution in New Zealand and the third largest in Australia.
It will mainly rely on Vontobel’s expertise for structured products and advisory services to grow its private banking business in Asia.
“The planned alliance with ANZ offers attractive growth potential for our group and is a perfect example of our efforts to systematically extend our business activities into new growth markets,” said Zeno Staub, Vontobel’s chief executive.
Vontobel reported an increase from CHF78.7 to 83bn in assets under management in the first half of 2012, mainly from clients based in Asia, the United States and the Middle East.