Anglo Irish Bank aims to treble profits over the next three years at Marcuard Cook, the Swiss private bank it has acquired for €84.6 million.

The acquisition and the immediate earnings boost was warmly welcomed in the market and Anglo Irish shares rose 18 cents to a record high of €3.05. In London, Anglo Irish jumped 12p to 185p sterling.

Marcuard Cook is expected to make profits this year of SFr12 million (€8 million), but Anglo Irish director Mr Tiernan O'Mahoney said that with a more profit-driven approach Anglo would aim to treble these profits within three years. Mr O'Mahoney said that Anglo Irish's private banking business in Austria is the same size as Marcuard Cook but is three times more profitable.

"A private bank like Marcuard Cook is not as focused on profit as a plc. It has a different style. What we will bring is a real bottom-line approach," he said, adding that private banking now accounts for about 15 per cent of Anglo's total business with operations in Ireland, the Isle of Man and Austria.

Founded in 1746 by Jean-Francois Marcuard, Marcuard Cook is one of the most venerable of Switzerland's private banks, and its early business included funding the development of the Austro-Hungarian Empire.

It currently has 1,400 clients - mainly high net worth French-speaking customers from Switzerland and France. The bank has net assets of SFr 32.3 million (€21.4 million) and funds under management totalling SFr1.9 billion (€1.26 billion). The acquisition brings Anglo Irish's funds under management to approximately €3 billion.

Mr O'Mahoney said: "The acquisition of Marcuard Cook meets all of Anglo Irish Bank's stated acquisition criteria. It enables us to diversify and broaden our existing areas of business and will fit neatly into our structure and operations.

"This is very much in line with our strategy for private banking."