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LLB acquires Zürcher Kantonalbank Österreich AG

2 Jul 2024
Vaduz - Liechtensteinische Landesbank (LLB) is acquiring 100 percent of the shares in Zürcher Kantonalbank Österreich AG. In so doing, LLB Austria is further expanding its position as an asset management bank in Austria.

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LLB has signed a purchase agreement to acquire 100 percent of the shares in Zürcher Kantonalbank (ZKB) Österreich AG, which operates locations in Salzburg and Vienna. No details have been disclosed regarding the financial aspects of the transaction. As detailed in a press release issued by LLB, the acquisition of ZKB Austria will increase the LLB Group’s business volume by around 3 billion Swiss francs.

The transaction will take place in two stages: Initially, LLB AG will acquire the private Austrian bank. Thereafter, ZKB Austria will be merged with Liechtensteinische Landesbank (Austria) AG.

This transaction «aligns with the LLB Group’s strategy», as the bank explains in the press release. Owing to ZKB Austria’s «strong positioning» in private banking and its asset management expertise, the acquisition represents «an ideal addition» to the LLB Group’s activities in its home market of Austria. ZKB Austria’s portfolio of products and services, in addition to its advisory philosophy, are not only compatible with the orientation of LLB Austria, but actually «complement its existing range of services».

«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», as Natalie Flatz, Chair of the Supervisory Board of LLB Austria, explains. Florence Schnydrig Moser, Chair of the Supervisory Board of ZKB Österreich AG, underlines that LLB stands for security and stability as the longest-established bank in Liechtenstein. «I am convinced that this merger will have a positive impact on both employees and clients alike.» ce/mm