from Liechtensteinische Landesbank / LLB (isin : LI0355147575)
LLB acquires Zürcher Kantonalbank Österreich AG
Liechtensteinische Landesbank / LLB / Key word(s): Mergers & Acquisitions Vaduz, 2 July 2024. Liechtensteinische Landesbank AG (LLB) has signed a purchase agreement to acquire 100 per cent of the shares of Zürcher Kantonalbank Österreich AG, with locations in Salzburg and Vienna. This transaction aligns with the LLB Group’s strategy and will see it increase its business volume by around CHF 3 billion. LLB Austria is thus further expanding its position as one of the leading asset management banks in the country. The LLB Group has been operating its Vienna branch via its subsidiary Liechtensteinische Landesbank (Österreich) AG since 2009 and has significantly expanded its asset management business in Austria over the past 15 years through strong organic growth and acquisitions. Strengthening the home market of Austria Acquisition to take place in two stages Clients benefit from excellent services and high credit ratings Natalie Flatz, Chairwoman of the Supervisory Board of LLB Austria, states: “For the LLB Group, this is the next logical step in further expanding our position as one of the leading asset management banks in Austria. With our award-winning asset management services and our expertise in real estate and family services, as well as being the fund powerhouse of the LLB Group, our clients receive a unique range of investment expertise and tailored advice. We are delighted to be welcoming our new clients and employees and continuing to grow together.” Florence Schnydrig Moser, Chairwoman of the Supervisory Board of Zürcher Kantonalbank Österreich AG: “In LLB, we have found a strong partner for a long-term successful future. As the longest-established bank in Liechtenstein, and with a Moody’s rating of Aa2, LLB represents security and stability. I am convinced that this merger will have a positive impact on both employees and clients alike.” The current transaction is subject to approval by the Federal Competition Authority and the supervisory authorities. Both parties have agreed not to disclose the purchase price, which will be paid in cash. The LLB Group’s Tier 1 ratio will decrease by around 1 per cent, which continues to put it significantly above the target of more than 16 per cent. Important dates • Monday, 26 August 2024, Publication of the semi-annual results for 2024 • Wednesday, 16 April 2025, 33rd General Meeting of Shareholders Brief portrait Liechtensteinische Landesbank AG (LLB) is the longest-established financial institution in the Principality of Liechtenstein. The majority shareholder is the Principality of Liechtenstein. The shares are listed on the SIX Swiss Exchange (symbol: LLBN). The LLB Group offers its clients comprehensive wealth management services: as a full-service bank as well as in private banking, asset management and fund services. With 1,213 employees (in full-time positions), the Group is represented in Liechtenstein, Switzerland, Austria, Germany and the United Arab Emirates. As at 31 December 2023, the business volume of the LLB Group was CHF 102.2 billion. Liechtensteinische Landesbank (Österreich) AG is one of the leading asset management banks in Austria with over EUR 32 billion in assets under management (as of 31 December 2023) and more than 230 employees. As a wholly-owned subsidiary of Liechtensteinische Landesbank AG (LLB), Vaduz, LLB (Österreich) AG also benefits from the stability and excellent credit rating of its owner and can draw on the more than 160 years of experience of the longest-established financial institution in the Principality of Liechtenstein. Austria has been one of the LLB Group’s three declared home markets since 2009, in addition to Liechtenstein and Switzerland. End of Inside Information |
Language: | English |
Company: | Liechtensteinische Landesbank / LLB |
Staedtle 44 | |
9490 Vaduz | |
Switzerland | |
Phone: | +423 236 88 11 |
Fax: | +423 236 88 22 |
E-mail: | llb@llb.li |
Internet: | www.llb.li |
ISIN: | LI0355147575 |
Valor: | 35514757 |
Listed: | Regulated Unofficial Market in Frankfurt, Stuttgart; SIX Swiss Exchange |
EQS News ID: | 1937269 |
End of Announcement | EQS News Service |
1937269 02-Jul-2024 CET/CEST