Commerzbank, the German bank, is selling the Swiss private banking unit of subsidiary Dresdner to Liechtenstein-based wealth manager LGT, as the first large sale in what is expected to be a string of acquisitions in the wealth sector.

The acquisition will boost LGT's  total assets under management to CHF87bn and double its assets in Switzerland to nearly CHF20bn, according to a statement on LGT's website

Commerz sells Dresdner private banking unit

Tara Loader Wilkinson

Commerzbank

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