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LLB Completes Austrian Private Bank Acquisition
The group said the deal is part of its strategy to expand in countries such as Austria.
Liechtensteinische Landesbank yesterday announced that it has bought all Vienna-based Semper Constantia Privatbank, completing a move first announced last December and part of a push to build markets in Switzerland, Austria and Liechtenstein.
The two previous main shareholders of Semper Constantia in return
received about 6 per cent of LLB shares, equal to 1.85 million of
such shares.
Since 2009, LLB has operated in Vienna through its subsidiary
Liechtensteinische Landesbank (Österreich), offering asset
management services. The latest deal allows the group to build
out services in Austria, it said. LLB intends Semper Constantia
to merge with LLB Österreich to form the new Liechtensteinische
Landesbank (Österreich) entity at the end of September.
The acquisition builds "the largest and leading asset management bank in Austria", LLB said, with combined AuM of more than €18 billion ($21.1 billion). Dr Gabriel Brenna, head of LLB's private banking arm, becomes chairman of the board of directors of the merged bank, and Dr Bernhard Ramsauer will serve as chief executive.
LLB issues its 2018 interim financial statement on 23 August.
