Liechtenstein-based private bank Liechtensteinische Landesbank (LLB) has completed the acquisition of Zürcher Kantonalbank Österreich (ZKB Austria), a bank with offices in Salzburg and Vienna.
This transaction, announced in July 2024, involved client assets worth approximately €3.4 billion.
The completion of the acquisition, which follows regulatory and antitrust approvals, sees LLB take over 100% of the share capital of ZKB Austria.
After receiving the green light from the Austrian Financial Markets Authority, it is planned to merge the new group company with LLB’s Austrian subsidiary Liechtensteinische Landesbank (Österreich) by mid-2025.
Until the merger, the bank will operate under the name 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 main markets alongside Liechtenstein, Switzerland and Germany.
Gabriel Brenna, CEO of the LLB Group, said: “This acquisition represents a new step in the implementation of our ACT-26 corporate strategy: we continue to strengthen our strong position in Austria and broaden our basis for future growth. .
The integration of ZKB Austria into LLB’s operations is expected to further strengthen the group’s asset management and private banking services.
After the merger, the board of directors will see LLB Austria CEO Robert Löw retain his position as chairman.
He will be accompanied by Deputy Managing Director Harald Friedrich, Financial Director Gerd Scheider and Christian Nemeth, current President of ZKB Austria, who will lead the new Asset Management division.
Natalie Flatz, Chairwoman of the Supervisory Board of LLB Austria, said: “ZKB Austria is the ideal complement for us, because we share similar business models and are also perfectly suited to each other culturally.
“Our new strong presence in Salzburg, which gives us greater proximity to our customers in western Austria, is a particularly attractive aspect. »
“LLB of Liechtenstein completes acquisition of ZKB Austria” was originally created and published by International Private Bankera brand owned by GlobalData.
The information on this website has been included in good faith for general information purposes only. It is not intended to constitute advice on which you should rely, and we make no representations, warranties, express or implied as to its accuracy or completeness. You should obtain professional or specialist advice before taking or refraining from any action on the basis of the content on our site.
