LLB Completes Acquisition of ZKB Austria: A Strategic Expansion in Core Markets
Deal News | Jan 13, 2025 | EIN
Liechtensteinische Landesbank (LLB), a private bank based in Liechtenstein, has successfully acquired Zurich Kantonalbank Österreich (ZKB Austria). Announced in July 2024, the deal involves client assets valued at approximately €3.4 billion and required approval from regulatory and anti-trust authorities, which has since been secured. This transaction enables LLB to take full control, owning 100% of ZKB Austria's share capital. The acquisition aligns with LLB's ACT-26 corporate strategy and is poised to enhance its asset management and private banking services in Austria, one of its core markets. The integration plan includes merging ZKB Austria with LLB's existing Austrian subsidiary by mid-2025. Key management figures from both LLB and ZKB Austria will play significant roles post-merger.
Sectors
- Banking and Financial Services
- Asset Management
Geography
- Austria – Austria is a core market for LLB, and the acquisition includes an Austrian bank, impacting the local financial sector.
- Liechtenstein – The acquiring company, LLB, is based in Liechtenstein, which underscores its international expansion strategy.
Industry
- Banking and Financial Services – This sector involves the acquisition of a bank by another bank, highlighting a strategic move in financial services.
- Asset Management – The acquisition aims to strengthen LLB's capabilities in asset management, a key aspect of its expansion plan.
Financials
- 3.4 billion – The value of client assets involved in the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Liechtensteinische Landesbank (LLB) | Acquirer | Company | LLB is a Liechtenstein-based private bank engaging in strategic expansion through acquisitions. |
| Zürcher Kantonalbank Österreich (ZKB Austria) | Target | Company | ZKB Austria is a bank with branches in Salzburg and Vienna, now fully acquired by LLB. |
| Austrian Financial Market Authority | Regulatory Authority | Government | Provides regulatory approval for the acquisition transaction. |
| Gabriel Brenna | CEO of LLB Group | Person | CEO leading LLB's acquisition strategy and growth. |
| Robert Löw | CEO of LLB Austria | Person | He will retain his position post-merger. |
| Harald Friedrich | Deputy CEO | Person | Joining the board of management post-merger. |
| Gerd Scheider | CFO | Person | Will be part of the new management team post-merger. |
| Christian Nemeth | Current Chairman of ZKB Austria | Person | Will lead the Asset Management division post-merger. |
| Natalie Flatz | Supervisory Board Chairwoman of LLB Austria | Person | Supports the acquisition and sees strategic fit. |