Commerzbank to sell Swiss arm

Germany’s Commerzbank has announced the sale of its Swiss private banking subsidiary to Vontobel for an undisclosed price. The sale of Zurich-based Commerzbank (Switzerland), which had assets under management of Sfr4.5bn (£2.53bn) as of the end of last year, follows its sale of the Swiss private banking arm of Dresdner Bank to Liechteinstein’s LGT. The lender is believed to be exiting some of its Swiss operations in response to pressure from the Berlin, which recapitalised the bank and has expressed opposition to Switzerland’s tax haven status.