Vaduz, 9 January 2025. Liechtensteinische Landesbank AG (LLB) has acquired Zürcher Kantonalbank Österreich AG. On 1 July 2024, LLB had signed the purchase agreement concerning the acquisition of the bank, which has locations in Salzburg and Vienna. The transaction has now been formally concluded as planned.

Effective 9 January 2025, LLB has acquired 100 per cent of the share capital of Zürcher Kantonalbank Österreich AG. The authorities had previously granted regulatory and anti-trust approvals. The acquisition includes client assets with a total value of around EUR 3.4 billion (roughly CHF 3.2 billion). Subject to the approval of the Austrian Financial Market Authority, the new Group company is to be merged with Liechtensteinische Landesbank (Österreich) AG in mid-year and is expected to operate under the name LLB Bank AG until the time of the merger.

“We are pleased that we were able to complete the acquisition of ZKB Austria as planned,” said Group CEO Gabriel Brenna. “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.”

Ideal complement

In addition to Liechtenstein, Switzerland and Germany, Austria is one of the LLB Group’s four home markets. It has been operating its Vienna branch with its subsidiary Liechtensteinische Landesbank (Österreich) AG since 2009 and has significantly expanded its asset management business in Austria over the past 15 years through strong organic growth and acquisitions.

With the acquisition of ZKB Austria, LLB Austria is strengthening its position as one of the leading asset management banks in Austria. “ZKB Austria is the ideal complement for us, as we share similar business models and are also an excellent fit for each other culturally,” says Natalie Flatz, Chairwoman of the Supervisory Board of LLB Austria. “A particularly attractive aspect is our new strong presence in Salzburg, which gives us greater proximity to our clients in western Austria. I am convinced that with our unique offering of investment expertise and tailored advice, we will further expand our already very strong position in Austria.”

Planned composition of the Board of Management

After the merger of LLB Bank AG with LLB Austria, which is planned for mid-2025, the Board of Management will have the following composition: Robert Löw, CEO of LLB Austria, will remain Chairman of the Board of Management. Deputy CEO Harald Friedrich and CFO Gerd Scheider will also remain on the Board of Management of LLB Austria going forward. Christian Nemeth, currently Chairman of the Board of Management of ZKB Austria, will become the fourth member and be responsible for the newly created Asset Management division.

The other two members of the Board of Management of ZKB Austria will remain affiliated with the company after the planned merger: Silvia Richter will be in charge of the existing Private Banking team in Vienna. Michael Walterspiel will occupy the role of Integration Manager, helping to ensure smooth integration by the beginning of 2026.

Further information can be found in the press release of 2 July 2024: “LLB acquires Zürcher Kantonalbank Österreich AG”

Important dates

• Friday, 21 February 2025 - Publication of the annual results for 2024
• Wednesday, 16 April 2025 - 33^rd General Meeting of Shareholders

Brief portrait

Liechtensteinische Landesbank AG (LLB) is the longest-established financial institute in the Principality of Liechtenstein. The majority shareholder is the Principality of Liechtenstein. The shares are listed on SIX Swiss Exchange (symbol: LLBN). The LLB Group offers its clients comprehensive wealth management services: as a full-service bank as well as in private banking, asset management and fund services. With 1,261 employees (in full-time positions), the Group is represented in Liechtenstein, Switzerland, Austria, Germany and the United Arab Emirates. As at 30 June 2024, the business volume of the LLB Group was CHF 109.9 billion.

Liechtensteinische Landesbank (Österreich) AG is one of the leading asset management banks in Austria with over EUR 32.0 billion in assets under management (as of 31 December 2023) and more than 230 employees. As a wholly-owned subsidiary of Liechtensteinische Landesbank AG (LLB), Vaduz, LLB (Österreich) AG is able to take advantage of the stability and exemplary credit rating of its owner, and to build on more than 160 years of experience at the longest-established financial institution in the Principality of Liechtenstein. In addition to Liechtenstein, Switzerland and Germany, Austria is one of the LLB Group’s four declared home markets.

Contact
Liechtensteinische Landesbank AG
Cyrill Sele, Head Group Corporate Communications & Sustainability
T +423 236 82 09 | communications@llb.li | llb.li