Vontobel to buy eastern European private banking portfolio from Notenstein

The majority of the team managing the portfolio will move to Vontobel and the assets will be booked in Switzerland, Vontobel said in a statement.

The pair did not disclose a price for the deal but a typical rule of thumb in pricing private banking transactions is to pay around 1-2 percent of the assets being acquired.

($1 = 0.9656 Swiss francs)

(Reporting by Joshua Franklin)