The announcement made waves: On September 19, 2024, Vontobel revealed its plans to acquire the client book of Zurich-based IHAG Private Bank (IHAG), representing a volume of approximately CHF 3 billion. Vontobel currently manages around CHF 100 billion in its private client business.

The acquisition aims to strengthen Vontobel’s presence in the DACH region (Germany, Austria, and Switzerland).

Client Data Migration Underway

On Monday, Vontobel confirmed the deal’s completion. IHAG’s clients will now be integrated into Vontobel’s Private Clients division.

«The transaction had a positive impact on the group’s results from day one and was financed entirely from existing capital,» the company stated. No further details were disclosed.

Founded by Arms Manufacturer Emil Georg Bührle

IHAG Private Bank, founded in 1949, is owned by Gratian Anda, a descendant of industrialist and arms manufacturer Emil Georg Bührle, who passed away in 1956. Anda holds approximately 80% of the shares, while his cousin, Carol Franz-Bührle, owns around 20%.

The bank is part of the IHFS Holding and employs nearly 80 staff, according to the latest figures.

Troubled History

In recent years, IHAG has faced significant operational and reputational challenges. The bank underwent multiple reorganizations and leadership changes but struggled to achieve sustained success.