Bank Vontobel is one of the best Swiss banks. At least that’s what investors think. The Zürcher Privatbank share rises, while that of competitor Julius Baer bobs up.
Long Vontobel, short bear, is the call of investors. One of the larger flops of recent times apparently does little to change that.
Vontobel took over the Notenstein private bank two years ago for the proud sum of CHF 700 million.
Owner Raiffeisen no longer knew what to do with the boutique that Wegelin had once acquired.
The deal was celebrated. Vontobel CEO Zeno Staub said that this would make his bank a new power in Swiss private banking.
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Vontobel is now closing the Notenstein branches in Schaffhausen and Olten, which were acquired 24 months ago.
Not enough good people to find for the branches, not enough attractive customers interested in Bank Vontobel’s private banking.
“In the future, Oltner and Schaffhauser wealth management customers will be looked after from Bern and Winterthur,” a spokesman for Vontobel confirmed yesterday the closure of the locations in the north and in the central plateau.
Central to all branches in the country is the “critical team size for our customers” so that “there is always a contact person” for them.
“Despite an intensive search, we could not find the good people we were looking for at the two locations, in contrast to other locations and especially Chur, where we could triple the team.”
The end in Schaffhausen and Olten mainly affects the simple consultants and back office people, while the managers can apparently stay.
“A total of nine people are affected, at least three of them – including the site managers – will stay with Vontobel and switch to the new care locations in Bern and Winterthur,” said the spokesman.
“The other six employees are actively supported by Vontobel internally or externally in the search for a suitable solution. No further closures are planned. “
The latter remains to be seen. The 700 million that Vontobel leafed onto the table for the Notenstein turned out to be a ruined purchase.
Vontobel obviously does not succeed in bringing itself to the hearts of customers in the Swiss pampas.
The reason is simple. Vontobel is considered a traditional Zurich trading and investment bank, with which you are a wealthy person if you are willing to take risks and invest.
For everyone else, the proud Zurich prices make no sense.
In Olten, Schaffhausen and other places where the original Wegelin had established a presence and the Notenstein as successor tried to score, no business can be done under the Vontobel flag.
The conservative, rural customers prefer to go to regional banks like Valiant, national ones like Migros Bank or the cantonal banks. They are trusted more than the “sharks” from Zurich.
If the purchase of Notenstein was actually significantly overpaid with 700 million: How large could the write-off of Notenstein in Vontobel’s books be?
It will hardly be apparent from the outside. The people of Zurich should try to color the matter with the lucrative cooperation with Notenstein seller Raiffeisen for the investment products.
Even if Vontobel benefits heavily in the investment area with partner Raiffeisen, the current closings make it increasingly clear: The 700 million for Notenstein Private Bank were gigantic.
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