As a consequence of the increasingly threatening situation surrounding Wegelin & Co. Private Bankers in the US tax dispute, the bank's Managing Partners have taken a radical step - a substantial majority of clients and staff will be transferred to Notenstein Private Bank Ltd, which will become a 100% subsidiary of Raiffeisen for an undisclosed sum. This transaction enables Raiffeisen to substantially strengthen its position in wealth management. Wegelin & Co. Private Bankers will remain in existence to finalise the closure of all remaining US client relationships and to continue the negotiations with the US justice authorities.