Leonteq AG (SIX: LEON), the Zurich-based engineering and infrastructure partner for investment solutions, today announced that its successfully launched collaboration in the structured investment products segment with Notenstein Private Bank, a subsidiary of the Raiffeisen Group, will be expanded through the formation of a subsidiary of Notenstein Private Bank in Guernsey. This expansion creates the possibility to issue products that are exempt from Swiss withholding tax.
Following the launch of the white-labeling partnership between Notenstein Private Bank as issuer, Raiffeisen as guarantor and Leonteq as the service provider in the spring of 2013, a next strategic step toward further expansion is now to be introduced. In future, the partners, similar to other leading providers in the structured investment product segment, will be in a position to offer products that are exempt from Swiss withholding tax through the newly formed Notenstein Finance (Guernsey) Ltd. There is great market demand for this type of product, and with this move, the partners aim to further increase their market share.
Notenstein Private Bank‘s issuing activities out of Guernsey are expected to begin in the coming months. Notenstein Finance (Guernsey) Ltd. is a fully-owned subsidiary of Notenstein Private Bank Ltd.
The existing issuing activities of Notenstein Private Bank out of Switzerland will continue unchanged and are to be further expanded.