The European Commission has set its enquiry deadline relating to the banking joint venture between Swiss bank Sarasin and AIG Private Bank to be 19 February.

Under the terms of the deal announced last July, the two companies will combine to have direct business with affluent clients and their independent financial providers.

If given the green light by the commission, the venture will start with over 235,000 clients in Switzerland, Germany and Austria and will manage assets of approximately SFr8 billion ($7.4 billion).

The venture would be 57.5 per cent owned by Bank Sarasin with the remainder controlled by AIG Private Bank.