LLB Österreich signs agreement with Credit Suisse (Luxembourg) S.A. to refer private banking clients in Austria

Vienna, 24 March 2021. Liechtensteinische Landesbank (Österreich) AG has signed an agreement with Credit Suisse to refer private banking clients of the Austrian branch of Credit Suisse (Luxembourg) S.A. in Vienna and Salzburg. Through this agreement, Liechtensteinische Landesbank (Österreich) AG is further expanding its position as the leading wealth management bank in Austria.

Expansion of private banking presence in the Austrian market

Through this transaction, LLB Group is strengthening the private banking business of Liechtensteinische Landesbank (Österreich) AG (LLB Österreich). The client base of the Austrian branch of Credit Suisse (Luxembourg) S.A. covered by the agreement primarily comprises wealthy Austrian private clients.

The transaction to refer private banking clients takes the form of a referral deal: Credit Suisse has decided to recommend LLB Österreich as its future banking partner to its Austrian high-net-worth clients. The referral agreement supports the growth ambitions of LLB Österreich, which will also further expand its client advisory teams in 2021. The referral potential is expected to amount to approximately EUR 1 billion in assets under management.

Clients benefit from excellent services and high credit rating

As Gabriel Brenna, CEO of LLB Group and Chairman of the Supervisory Board of LLB Österreich, explains, "Following the acquisition of Semper Constantia Privatbank AG three years ago, we are taking a further step towards growth through acquisitions in Austria, underscoring the strategic importance of the Austrian market for LLB Group. Clients will benefit from the excellent services of LLB Österreich and the high credit rating of the LLB Group."

According to Robert Löw, CEO of LLB Österreich, "With our multiple award-winning asset management, expertise in real estate, family services and private equity, and LLB Group's fund powerhouse, our clients receive a unique range of investment expertise and tailored advice. We are very pleased to welcome our new clients and demonstrate the value of our services."

With assets under management of more than EUR 25 billion and about 240 employees, LLB Österreich has grown to become the leading wealth management bank in Austria. Its diversified business model is based on three solid pillars: asset management and advisory services, custodian bank and investment funds, and real estate. In December 2020, the renowned trade magazine Börsianer named LLB Österreich the Best Private Bank in Austria.

The current transaction is subject to approval by the Austrian Federal Competition Authority. The parties have agreed not to disclose the referral price.