LLB acquires Zürcher Kantonalbank Österreich AG
Liechtensteinische Landesbank / LLB / Key word(s): Mergers &
Acquisitions
LLB acquires Zürcher Kantonalbank Österreich AG
02-Jul-2024 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this
announcement.
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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.
Gabriel Brenna, CEO of the LLB Group, explains: "After the
acquisition of Semper Constantia Privatbank in 2018 and the
takeover of Credit Suisse's private banking clients in 2021, we
are taking a further step in terms of acquisition-based growth in
Austria. This, in turn, underscores the strategic importance of
the Austrian market for the LLB Group."
Strengthening the home market of Austria
Zürcher Kantonalbank Österreich AG employs around 120 members of
staff. With its strong positioning in private banking and its
asset management expertise, it represents an ideal addition to
the LLB Group's activities in Austria. Its clientele are
primarily wealthy Austrian and German private clients. ZKB
Austria's portfolio of products and services as well as its
advisory philosophy are aligned with those of LLB Austria and
complement its existing range of services. ZKB Austria will
contribute to the targeted expansion and further development of
the Salzburg location, resulting in LLB Austria having a strong
presence at the two most important wealth management locations in
the country.
Acquisition to take place in two stages
The transaction - subject to approvals from the supervisory
authorities and under anti-trust law - will take place as
follows: As a first step, LLB AG will acquire Zürcher
Kantonalbank Österreich AG. The takeover comprises client assets
totalling around EUR 3.1 billion (roughly CHF 3.0 billion). The
second step involves merging ZKB Austria with Liechtensteinische
Landesbank (Österreich) AG.
Clients benefit from excellent services and high credit ratings
In view of the similarities in their ownership structures,
business models and markets, corporate culture and range of
services, the LLB Group is confident that it can ensure
continuity in the high-quality support provided to Zürcher
Kantonalbank Österreich AG's current clientele, while at the same
time offering its staff interesting and valuable future prospects
as a values-based company.
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.
Contact
Liechtensteinische Landesbank AG
Cyrill Sele, Head Group Corporate Communications & Sustainability
Telephone +423 236 82 09, E-Mail ir@llb.li | llb.li
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End of Inside Information
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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
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1937269 02-Jul-2024 CET/CEST