The bank has agreed to buy a business as part of the build-out of its LGT Crestone organisation in Australia. It has a presence across the country, in cities such as Adelaide, Brisbane, Melbourne, Perth and Sydney.

LGT, the Liechtenstein-headquartered group, has agreed to buy the personal advice business of Australia’s CBA.

The business being acquired, which has more than SFr2.8 billion ($3.18 billion), serves high net worth and ultra-HNW clients, and has about 40 advisors, associates and support staff. They will join LGT Crestone, LGT’s business in Australia.

In total, LGT has SFr356 billion in assets under management. 

“This transaction aligns with LGT’s long-term growth strategy, which focuses on expanding its footprint in key markets and providing clients with world-class advisory services, wealth planning, and access to private markets and sustainable investments,” the firm said in a statement.

The transaction, LGT said, is expected to close by mid-2025. LGT’s Australian operations include Adelaide, Brisbane, Melbourne, Perth and Sydney. 

LGT Crestone currently has more than 350 employees, including more than 100 advisors across Australia.

The CEO of LGT Crestone is Michael Chisholm.

“Today, APAC represents more than a third of LGT’s business, a reflection of both our strategic focus and our ambition to build a truly diversified global private banking group,” HSH Prince Max von und zu Liechtenstein, chairman LGT, said. 

LGT employs over 5800 people who are based in more than 30 locations in Europe, Asia, the Americas, Australia and the Middle East.