Liechtensteinische Landesbank AG has agreed to acquire 100% of shares of Zurich-based LB(Swiss) Investment AG from Frankfurter Bankgesellschaft (Schweiz) AG for approximately CHF30 million.
The exact purchase price will be determined after the end of the earnout period, Liechtensteinische Landesbank said Feb. 23.
The deal is part of Liechtensteinische Landesbank's plan to further expand its fund business, which will in the future operate from its three locations of Liechtenstein, Austria and Switzerland. The transaction will boost the assets under management and administration in the fund business to about CHF32 billion.
The transaction is expected to complete in the second quarter, subject to regulatory approvals.
Upon completion of the deal, LB(Swiss) Investment will be renamed LLB Swiss Investment AG. Natalie Epp, head of the institutional clients division of the LLB Group, will become chair of the board of directors. Other board members will be Bruno Schranz and Hans Stamm. Meanwhile, the business' management board will continue to comprise Marcel Weiss and Ferdinand Buholzer.
As of 2017-end, LB(Swiss) Investment had 11 employees and managed 51 funds with assets under administration of CHF4.9 billion.
The recent deal follows Liechtensteinische Landesbank's acquisition of Vienna-based Semper Constantia Privatbank AG.