Swiss bank ZKB says will buy asset manager Swisscanto-Reuters

(Reuters) – Switzerland’s Zuercher Kantonalbank (ZKB) has agreed to a deal to buy asset manager Swisscanto from the other Swiss cantonal banks, ZKB said in a statement on Thursday.

ZKB will initially pay 360.3 million Swiss francs ($372.6 million) for Swisscanto, which is fully owned by the 24 cantonal banks. Further payments will then be paid to the cantonal banks between 2016 and 2018, based on their individual contributions to the success of the business.

The bank said it hopes to conclude the deal in the first quarter of 2015.

A spokesman for Swisscanto, which had 53 billion francs in assets under management at the end of September, did not wish to comment beyond the ZKB statement at this time.

ZKB, which is owned by the canton of Zurich, had said last month it was holding talks over a possible takeover of Swisscanto.
The investment comes as the cantonal bank faces an investigation in the United States for allegedly helping Americans evade taxes.