Liechtenstein-based private bank Liechtensteinische Landesbank (LLB) has closed the acquisition of Zürcher Kantonalbank Österreich (ZKB Austria), a bank with locations in Salzburg and Vienna.
This transaction, announced in July 2024, included client assets worth approximately €3.4bn.
The completion of the acquisition, which follows regulatory and anti-trust approvals, sees LLB taking over 100% of ZKB Austria’s share capital.
Upon securing green light from the Austrian Financial Market Authority, the plan is to merge the new group company with LLB’s subsidiary in Austria, Liechtensteinische Landesbank (Österreich), by mid-2025.
Until the merger, the bank will operate as LLB Bank.
LLB has been strengthening its asset management business in Austria for over 15 years, with Austria being one of the group’s four core markets alongside Liechtenstein, Switzerland, and Germany.
LLB Group CEO Gabriel Brenna said: “This acquisition represents a further milestone in the implementation of our ACT-26 corporate strategy: we are continuing to expand our strong position in Austria and broaden our basis for future growth.”
The integration of ZKB Austria into LLB’s operations is poised to further enhance the group’s services in asset management and private banking.
Post-merger, the board of management will see LLB Austria CEO Robert Löw retain his position as chairman.
He will be joined by deputy CEO Harald Friedrich, CFO Gerd Scheider, and Christian Nemeth, the current chairman of ZKB Austria, who will lead the new Asset Management division.
LLB Austria supervisory board chairwoman Natalie Flatz said: ZKB Austria is the ideal complement for us, as we share similar business models and are also an excellent fit for each other culturally.
“A particularly attractive aspect is our new strong presence in Salzburg, which gives us greater proximity to our clients in western Austria.”
“Liechtenstein’s LLB completes acquisition of ZKB Austria” was originally created and published by Private Banker International, a GlobalData owned brand.
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