Vaduz-based VP Bank is buying the wealth arm of Luxembourg-based Catella Bank, it said in a statement on Friday. VP will pay 12 million Swiss francs ($12 million) to take on ten employees of Catella as well as 900 million francs in client assets, almost all from Europe. 

Part of the asset-based deal, which excludes Catella's private banking arm in Sweden, is a distribution partnership between VP and Catella for funds and real estate.

The deal is expected to close by February 1. VP said that it expects to continue to snap up deals, thanks to its ample capital cushion as well as an «A»-rating from agency Standard & Poor’s. Last week, VP bought more than 1 billion euros ($1.1 billion) in funds from Scandinavian financial Carnegie.