Germany’s Commerzbank sells Swiss subsidiary to Vontobel Group

Commerzbank sells Swiss subsidiary

FRANKFURT — Germany’s Commerzbank AG said Thursday that it is selling a Swiss subsidiary which specializes in private banking to Vontobel Group of Switzerland.

Financial details of the sale of Commerzbank (Switzerland) were not disclosed. The unit is headquartered in Zurich and has a branch in Geneva as well as a subsidiary in the Austrian capital, Vienna.

The unit had 127 employees and assets under management of about 4.5 billion Swiss francs ($4.2 billion) at the end of last year, Frankfurt-based Commerzbank said.

Vontobel said the acquisition would enable it to strengthen its market presence in its home country while broadening its international client base.