Liechtensteinische Landesbank AG agreed to acquire 100% of Vienna-based Semper Constantia Privatbank AG for €185 million in cash and shares.
The acquisition is in line with the Liechtenstein-based bank's expansion plans in one of its home markets, Austria, where it has a subsidiary.
The transaction will see Liechtensteinische Landesbank boost its client assets by about CHF17 billion. The current shareholders of Semper Constantia plan to hold about 6% of Liechtensteinische Landesbank, which will propose to appoint Karl Sevelda a member of the board in the May 9, 2018, general meeting of shareholders.
The deal, which is subject to regulatory approval, will likely take place in July 2018. In a second stage to take place in September 2018, Semper Constantia will merge with LLB Österreich to form Liechtensteinische Landesbank (Österreich) AG.
Gabriel Brenna will become chairman of the merged bank's supervisory board, and Bernhard Ramsauer will become CEO. It is planned that Ramsauer will join the merged bank's supervisory board at the time of the annual general meeting in spring 2019.