LLB Acquires Zürcher Kantonalbank Österreich AG

Vaduz, 2 July 2024. Liechtensteinische Landesbank AG (LLB) has signed a purchase agreement to acquire 100 percent of the shares of Zürcher Kantonalbank Österreich AG, with locations in Salzburg and Vienna. This transaction aligns with the LLB Group’s strategy, increasing its business volume by around CHF 3 billion. LLB Austria will further strengthen its position as one of the leading asset management banks in the country.

The LLB Group has significantly expanded its asset management business in Austria over the past 15 years. Gabriel Brenna, CEO of the LLB Group, emphasizes this acquisition as a crucial step in the Austrian market, reflecting the strategic importance for the group.

Zürcher Kantonalbank Österreich AG employs around 120 members of staff, serving predominantly wealthy Austrian and German private clients. The acquisition aims to enhance LLB Group's existing services and strengthen its presence in major wealth management locations in Austria.

The transaction, pending supervisory and anti-trust approvals, will take place in two stages: first, LLB AG will acquire Zürcher Kantonalbank Österreich AG, and subsequently merge it with Liechtensteinische Landesbank (Österreich) AG. Zürcher Kantonalbank Österreich AG's client assets total approximately CHF 3 billion.

The merger is expected to bring continuity in high-quality support for clients, alongside new opportunities for staff. The transaction underscores the LLB Group’s commitment to expanding its asset management services in Austria.