AAM Privatbank, the Swiss private bank which was bought by Basler Kantonalbank (BKB) in July last year, has ceased to operate after all its private banking activities have been transferred to BKB-Private Banking, the private banking division of BKB, the cantonal bank of Basel Stadt.

All former AAM clients will now be served from one of BKB-Private Banking’s branches in Basel, Zurich, Berne, Geneva, Olten (in the canton of Solothurn) and Riehen (in the canton of Basel Stadt).

The former institutional client business of AAM Privatbank has also been integrated into Basler Kantonalbank.

AAM Privatbank was sold to BKB in July last year. The private bank was previously part of Basellandschaftliche Kantonalbank, the cantonal bank of Basel Land.

Through its acquisition of AAM Privatbank, BKB had also purchased its subsidiary firms, Gräff Capital Management and ATAG Private Client Services, which have since been sold.

BKB has SFr28.9 billion (around $26.7 billion) of assets under management as of 31 December 2010.

Cantonal banks are Swiss government-owned commercial banks; there are 24 in the country.