Liechtenstein-based personal financial institution Liechtensteinische Landesbank (LLB) has closed the acquisition of Zürcher Kantonalbank Österreich (ZKB Austria), a financial institution with places in Salzburg and Vienna.
This transaction, introduced in July 2024, included consumer property value roughly €3.4bn.
The completion of the acquisition, which follows regulatory and anti-trust approvals, sees LLB taking on 100% of ZKB Austria’s share capital.
Upon securing inexperienced mild from the Austrian Monetary Market Authority, the plan is to merge the brand new group firm with LLB’s subsidiary in Austria, Liechtensteinische Landesbank (Österreich), by mid-2025.
Till the merger, the financial institution will function as LLB Financial institution.
LLB has been strengthening its asset administration enterprise in Austria for over 15 years, with Austria being one of many group’s 4 core markets alongside Liechtenstein, Switzerland, and Germany.
LLB Group CEO Gabriel Brenna mentioned: “This acquisition represents an extra milestone within the implementation of our ACT-26 company technique: we’re persevering with to increase our robust place in Austria and broaden our foundation for future development.”
The combination of ZKB Austria into LLB’s operations is poised to additional improve the group’s providers in asset administration and personal banking.
Put up-merger, the board of administration will see LLB Austria CEO Robert Löw retain his place as chairman.
He can be joined by deputy CEO Harald Friedrich, CFO Gerd Scheider, and Christian Nemeth, the present chairman of ZKB Austria, who will lead the brand new Asset Administration division.
LLB Austria supervisory board chairwoman Natalie Flatz mentioned: ZKB Austria is the best complement for us, as we share comparable enterprise fashions and are additionally a superb match for one another culturally.
“A very enticing side is our new robust presence in Salzburg, which supplies us better proximity to our shoppers in western Austria.”
“Liechtenstein’s LLB completes acquisition of ZKB Austria” was initially created and revealed by Non-public Banker Worldwide, a GlobalData owned model.
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