Liechtenstein Private Bank In Talks To Buy Austrian, Swiss Businesses

Tom Burroughes

21 December 2017

, 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).