Citigroup has consolidated its relationship with HvB by acting as sole adviser on its disposal of Bank Von Ernst, the private bank, to Royal Bank of Scotland (RBS) for SFr500m (€323m) cash. RBS will integrate the acquisition with Coutts, its UK private bank.

This is the first time HvB has used Citigroup for M&A work. Thomas Demeure head of the financial institutions group at Citigroup in Europe, led the deal.