In 2004, after having worked together in the investment funds business for around 10 years, Raiffeisen Switzerland and the Vontobel Group entered into a more in-depth strategic cooperation. Under that agreement, Vontobel acts as a competence centre for Raiffeisen's investment business and also took responsibility for Raiffeisen's securities settlement and administration activities. This agreement encompasses all Raiffeisen group companies.

As part of that process, Raiffeisen acquired a 12.5 per cent stake in Vontobel Holding, which is tied to their cooperation and is subject to contractual limits. After holding a number of talks, Vontobel and Raiffeisen have been unable to reach an agreement concerning the inclusion of Raiffeisen's recently acquired group company in the agreement, however.

When Raiffeisen acquired Notenstein Privatbank in January 2012, the former bank put a new group company into its arrangement with Vontobel but the two parties have so far been unable to reach a joint understanding on how to interpret how the agreement applies to Notenstein.

"We stand by our existing cooperation agreement with Raiffeisen. This agreement is based on clear industrial logic and generates measurable advantages for both parties," said Zeno Staub, CEO of the Vontobel Group. "We are, and will remain, fully committed to our successful and constructive cooperation with the Raiffeisen Group and the individual Raiffeisen banks under all circumstances," he added.