ANZ has signed a memorandum of understanding with mid-sized Swiss private bank and wealth management specialist Vontobel. Under the deal, ANZ's distribution network will offer Vontobel's "investment and product expertise" to ANZ private banking clients.Vontobel said in a statement that it had entered into the deal with ANZ in order to expand activities in "the growth markets of Australia, New Zealand, Hong Kong and Singapore".ANZ said the deal would let it use "Vontobel's expertise in the areas of investment management and structured products as well as in its advisory services for wealthy ANZ private clients".ANZ Global Wealth and Private Banking CEO Joyce Phillips said in the statement that the deal "is another step in bringing our super regional strategy to life".The two banks expect to formalise the agreement in the first half of 2013.The statement said Zurich-based Vontobel has assets of around CHF140 billion (A$144 billion). The bank was recognised this month by Risk.net for its use of derivatives-based structured products to offer alternatives to investors.