Investment banking “Two down and plenty to go” could be the motto of investment bankers eyeing up the biggest consolidation in wealth management in years.
The two are Commerzbank and Dresdner Bank, the Swiss private banking subsidiaries of Germany’s Commerzbank group, that changed hands in July. The Commerzbank operation, with SFr4.5bn ($4.36bn) under management, went to Vontobel, while the Dresdner unit, with SFr9.4bn, was bought by LGT, the bank owned by Liechtenstein’s ruling family.
