Geneva  - The Vaduz, Liechtenstein-based LGT Group will buy Dresdner Bank (Switzerland) from Commerzbank, according to separate statements Monday.

In a short statement, Commerzbank said the Zurich-based Dresdner Bank (Switzerland) had assets under management of 9.4 billion Swiss francs (8.79 billion dollars) and 311 employees at the end of 2008.

The Frankfurt, Germany-based Commerzbank said the sides had agreed not to disclose the purchase price or other details.

On completion of the transaction, subject to regulator approval, Dresdner Bank will be fully integrated next year into LGT's Swiss bank, which at the end of 2008 had assets under management of 10 billion francs.

"With this acquisition, we will double our asset base in Switzerland and strengthen our foothold in this important financial center considerably," said Prince Max von und zu Liechtenstein, the chief executive of LGT, in a statement from Vaduz.

The prince noted that he was planning to use the platform to expand into some emerging markets, including the Middle East and Latin America.

LGT is owned by Liechtenstein's royals and is the largest bank in the principality. With the latest acquisition, the LGT Group will have 87 billion francs of assets under management, it said in the statement. (dpa)