LLB Österreich plans branch in Salzburg

Vienna, 7 May 2021. The Austrian Federal Competition Authority has approved the deal to refer private banking clients of the Austrian branch of Credit Suisse (Luxembourg) S.A. to Liechtensteinische Landesbank (Österreich) AG without conditions.

Austrian Federal Competition Authority approves LLB Österreich referral deal with Credit Suisse

"This approval has cleared the path for the Austrian clients of Credit Suisse to continue receiving top-quality banking services through our excellent team of advisors," says Robert Löw, CEO of LLB Österreich. "We offer Credit Suisse's high-net-worth clients in Austria a unique range of investment expertise and tailored advice from our bank, and they will continue to benefit from comprehensive support with a local presence."

The referral deal extends to potential assets under management totalling approximately EUR 1 billion. With this move, the Liechtensteinische Landesbank is once again underscoring its strong growth ambitions in the Austrian market.

According to Gabriel Brenna, CEO of the LLB Group and Chairman of the Board of Directors of LLB Österreich: "In the course of this transaction, LLB Österreich is also planning to open another office for the first time – a branch in Salzburg to supplement the main office in Vienna, which has been in operation since 2009. With this strategic step, LLB Österreich is fulfilling its ambition to further expand in the western provinces of Austria and in southern Germany."

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.