LLB successfully concludes acquisition of Semper Constantia Privatbank
Vaduz, 4 July 2018. The Liechtensteinische Landesbank AG (LLB) has acquired 100% of Semper Constantia Privatbank AG (Semper Constantia), which has its registered office in Vienna. On 22 December 2017, the LLB announced that it would sign a purchase agreement to acquire Semper Constantia. The transaction has now been formally concluded as planned. The two previous main shareholders of Semper Constantia in return received about 6% of LLB shares.
Significant expansion in the home market of Austria
Effective 4 July 2018, the LLB acquired 100% of the share capital of Semper Constantia. In return, the two previous main shareholders of Semper Constantia received 1.85 million LLB shares as part of the purchase price. This gives them about 6% of the capital and voting rights of the LLB. The authorities had previously granted approval for the transaction under supervisory and competition law.
LLB expands range of services in Austria
Along with Liechtenstein and Switzerland, Austria is one of the three home markets of the LLB Group. Since 2009, it has operated in Vienna through its subsidiary Liechtensteinische Landesbank (Österreich) AG. The subsidiary is successfully engaged in asset management with about 50 employees. In 2017, LLB Österreich continued on its growth path and achieved a gratifying annual result, posting a record annual profit of EUR 3.9 million. Thanks to strong growth figures and good performance, business volume also increased again, reaching an all-time record of EUR 2.55 billion at the end of 2017.
The acquisition of Semper Constantia enables the LLB Group to establish Austria as its third important home market and to significantly expand its range of services in Austria. With its strong position in private banking and the custodian bank, investment fund, and real estate business, Semper Constantia represents an ideal expansion of activities in Austria.
Austria's largest asset management bank
Subject to approval by the Austrian Financial Market Authority, the plan is for Semper Constantia to merge with LLB Österreich to form the new Liechtensteinische Landesbank (Österreich) AG at the end of September 2018. This will create the largest and leading asset management bank in Austria with combined assets under management of more than EUR 18 billion. Dr. Gabriel Brenna, Head of the Private Banking Division of the LLB Group, will become Chairman of the Board of Directors of the merged bank, and Dr. Bernhard Ramsauer will serve as CEO.
Fund powerhouse in the Liechtenstein/Austria/Switzerland region
The acquisition of Semper Constantia also opens up the LLB Group's access to the Austrian market for fund services. With the acquisition of LB(Swiss) Investment AG in Zurich concluded on 3 April 2018, the LLB Group has already entered the Swiss fund market, operating under the new name "LLB Swiss Investment AG" since 3 May 2018. The LLB Group is now also strongly expanding its fund business in Austria. The LLB Group will henceforth offer fund services in all three home markets – Liechtenstein, Austria, and Switzerland – becoming a fund powerhouse in that region.
As Group CEO Roland Matt states, "We are pleased to have completed the two acquisitions as planned. We were able to conclude the acquisition of LB(Swiss) Investment AG just six weeks after the announcement in February 2018. The acquisition of Semper Constantia has now also been formally completed. The two acquisitions represent a quantum leap for us in the implementation of our StepUp2020 strategy."
Media communiqué of 22 December 2017:
"LLB is acquiring Semper Constantia Privatbank"
The Liechtensteinische Landesbank AG (LLB) is the longest established financial institute in the Principality of Liechtenstein. The Principality of Liechtenstein holds the majority of the company's share capital. The LLB's shares are listed on the SIX Swiss Exchange (symbol: LLBN). The LLB Group offers its clients comprehensive wealth management services, as a universal bank, in private banking, asset management and fund services. With 1'086 employees (full-time equivalent positions), the LLB Group is represented in Liechtenstein, Switzerland, Austria, and the United Arab Emirates (Abu Dhabi and Dubai). As per 31 December 2018, the LLB Group managed a business volume of CHF 80.1 billion.
- 14 March 2019, Presentation of the 2018 Annual Result
- 3 May 2019, 27th Ordinary General Meeting of Shareholders
- 27 August 2019, 2019 Interim Financial Report
Dr. Cyrill Sele
Head of Group Corporate Communications & General Secretary
Telephone +423 236 80 99
Fax +423 236 87 71