The Vontobel banking group in Zurich says Swiss private banking will move to the vanguard of technological progress with its new e-bank, "y-o-u".

The group said on Thursday that thanks to a strategic partnership with Swiss software producer, Think Tools, y-o-u would be able to combine traditional private banking with the latest information and communications technology.

A statement said that, once licensed, y-o-u will not be just another financial platform of an existing bank, but a fully independent online financial services provider.

"Our customers will be able to directly apply to their investments the knowledge and values of the Swiss private banking tradition. y-o-u makes the effective use of innovative information technology for the creation of personal wealth available to today's private banking customers," said y-o-u chief executive, Alain D. Brandle.

y-o-u's banking application is pending with the Swiss Federal Banking Commission. The Swiss partner Think Tools is a one-quarter owner of the new company.

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