M and A
Liechtenstein Private Bank In Talks To Buy Austrian, Swiss Businesses
Acquisitions as well as organic growth will power LLB's expansion goals.
Liechtensteinische
Landesbank, which earlier this week said it expected to book
an unchanged profit for its 2017 financial year from a year
before, is in talks to buy a business in Austria and a funds firm
in Switzerland, as it seeks to bolster business volume by SFr70
billion ($71.1 million).
The bank, headquartered in the tiny principality of
Liechtenstein, said its business volume target increase under its
“StepUp 2020” strategy will be achieved through a mix of organic
growth and acquisitions. It did not disclose identities of
potential targets.
“In order to implement its strategy, the LLB Group is conducting
discussions on growth through acquisition in Austria and – in the
field of fund services – in Switzerland,” it said in a
statement.
Acquisitions are being considered in Austria, Switzerland and
Liechtenstein, LLB said in a statement.
This week, LLB said it expects to chalk up the same net profit
for the 2017 financial year as was the case a year ago, when the
figure came out at SFr103.9 million ($104.9 million). The bank
said its predictions take account of a deposit of a sum of money
at the High Court of Justice in London in connection with a
lawsuit involving its subsidiary business, LLB Verwaltung
(Switzerland) Ltd. LLB Verwaltung (Switzerland) Ltd used to be
called Liechtensteinische Landesbank (Switzerland).
