Liechtensteinische Landesbank AG completed the acquisition of Austrian lender Semper Constantia Privatbank AG.

The two previous main shareholders of Semper Constantia Privatbank received 1.85 million shares, equivalent to 6% capital and voting rights, in Liechtensteinische Landesbank as part of the deal payment. According to S&P Global Market Intelligence data, the bank had been 64% owned by Haselsteiner Familien-Privatstiftung, the family foundation of Austrian industrialist Hans Peter Haselsteiner, and 15% owned by Grosso Holding GmbH, a vehicle of entrepreneur Erhard Grossnigg.

Subject to regulatory approval, Liechtensteinische Landesbank plans to merge the acquired entity with its existing Austrian unit, Liechtensteinische Landesbank (Österreich) AG, by September to create what it said would be Austria's largest asset management bank with assets under management of €18 billion.

Gabriel Brenna, head of the private banking division at Liechtensteinische Landesbank, will be chairman of the merged entity. Bernhard Ramsauer will be the merged entity's CEO, the same position he held at Semper Constantia Privatbank.