Vontobel : The fifth-largest Swiss private bank with an attractive growth profile
We are initiating coverage of Vontobel with an Outperform recommendation and a target price of CHF 65. The group presents medium- to long-term growth potential in terms of its activity (strengthened by the acquisition of a stake in Ancala) and improvement to its profitability (an average annual increase in net income of 15% between 2023 and 2027) which does not appear to be fully factored in by the consensus for the time being (ODDO BHF estimate some 1-5% above the consensus). Th...Vontobel Holding is a holding company. Through its subsidiaries, Co. is a traditional Swiss private banking group offering financial services to clients around the world. Co. is divided into three business divisions: Private Banking, Investment Banking, and Asset Management, as well as the Corporate Center (comprises Operations, Finance & Risk and Group Services). As of December 31, 2008 Co.'s total assets amounted to SFr15,531,800,000.
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