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Controlling family to reduce stake in Vontobel

The Swiss-based private bank, Vontobel, is planning extensive changes to its share structure, which could see a reduction in the controlling family stake to less than 50 per cent.

The bank also said net profits in 2000 rose by 40 per cent to SFr341.6 million ($206 million), with assets under management up eight per cent at SFr76.7 billion.

The group said that providing market conditions were favourable, the controlling family plans to reduce its holding to less than 50 per cent by placing shares on the market.

The shares sold would amount to 13.5 per cent of the total share capital under a new, unified share structure.

The changes will open the company up "to become a true, publicly held stock company," the group said in a statement.

swissinfo with agencies


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