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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.
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  
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
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1937269 02-Jul-2024 CET/CEST

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July 02, 2024 01:01 ET (05:01 GMT)