German bank HVB Group has sold Swiss private banking unit Bank von Ernst to Royal Bank of Scotland for 500 million Swiss francs ($381 million) as part of the German bank's revamp.
The move comes only days after RBS made an offer worth €887 million offer for First Active.
HVB said it also agreed with Royal Bank of Scotland's Swiss Coutts Bank on a wealth management co-operation deal under which all of Bank von Ernst's capital market activities would be transferred to a newly founded Swiss subsidiary of HVB.
The subsidiary will continue HVB's Swiss franc-bond issuing activities.
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Bank von Ernst has some 450 staff and 12.9 billion Swiss francs in consolidated assets under its management.