The service is targeted at wealth management and private banking networks. “As a bank specialising in wealth and asset management, we are ideally placed to make our tried-and-tested securities platform available to other banks in future," said Herbert Scheidt, chief executive of the Vontobel Group. "The expansion of our competencies in taking on parts of the value chain in the securities business will generate valuable benefits for our client banks.”
Vontobel, which currently manages 320,000 customer accounts for Raiffeisen in Switzerland on its Avaloq software platform and also processes all securities transactions for Raiffeisen customers, will use the new service to offer securities processing services to other banks in Switzerland and Liechtenstein. T-Systems will operate the IT infrastructure and manage the application.