The consolidation of European private banks has stepped up a gear after Lombard Odier & Cie announced a merger with Darier Hentsch & Cie, just three months after Rabobank bought a minority stake in Bank Sarasin.

The two banks, which were founded in the 1790s and are among Switzerland's oldest financial institutions, plan to merge in July. The new firm will be known as Lombard Odier Darier Hentsch & Cie and is planning a renewed offensive on the Swiss and international wealth management market with its emphasis on high net worth individuals and institutional investors.