LLB Group sells Lugano branch of LLB (Switzerland) Ltd.
LLB Group sells Lugano branch of LLB (Switzerland) Ltd. Sale to PKB protects client and employee interests Vaduz, 4 September 2013. The LLB Group and PKB Privatbank SA have signed an agreement concerning the sale of the Lugano branch of Liechtensteinische Landesbank (Switzerland) Ltd. For the LLB Group the sale, which is scheduled for completion by the end of 2013, marks a milestone in the closure of LLB (Switzerland) Ltd. On 22 March 2013, the LLB Group announced its intention to sell LLB (Switzerland) Ltd. as part of its «Focus2015» strategy and its focus on clearly defined markets and client segments. "For us, the sale of the Lugano branch marks a milestone in the context of the closure of LLB (Switzerland) Ltd., and thus for our strategic reorientation," explains Roland Matt, CEO of the LLB Group. Optimal solution for all concerned Over the coming weeks, all clients will be contacted and the migration will be prepared. The sales process is scheduled for completion by the end of the year. "We strongly believe that PKB is an optimal solution for both clients and employees," explains Dr. Gabriel Brenna, Head of Private Banking at the LLB Group. "PKB is based in Lugano and has thus been firmly rooted in the Ticino region for many years. This acquisition will therefore ensure that all 26 jobs are secure, and that continuity of client service provision is guaranteed." Both parties have agreed not to disclose the selling price. Closure of LLB (Switzerland) Ltd. on track For the LLB Group the sale of the Lugano branch, with its business volume of around CHF 2 billion, represents an important stage in the closure of LLB (Switzerland) Ltd. Alongside the sale of the branch, the closure is also on track in all other areas, and LLB (Switzerland) Ltd. will terminate its banking activities by the end of 2013. The Geneva location, and now Erlenbach (Zurich), will continue to operate within the scope of the new strategy, focusing on the Central and Eastern European market. Important dates * Tuesday, 25 March 2014, 2013 annual results * Friday, 9 May 2014, 22nd General Meeting of Shareholders Brief portrait Liechtensteinische Landesbank AG (LLB) is the longest established financial institute in the Principality of Liechtenstein. The Principality of Liechtenstein holds the majority of the company's share capital. The LLB's shares are listed on the SIX Swiss Exchange (symbol: LLB). The LLB Group offers its clients comprehensive wealth management services, as a universal bank, in private banking, asset management and fund services. With about 1,000 employees, the Group is represented in Liechtenstein, Switzerland, Austria and the United Arab Emirates (Abu Dhabi and Dubai). As per 30 June 2013, the LLB Group managed client assets totalling CHF 50.5 billion. Yours sincerely Liechtensteinische Landesbank Aktiengesellschaft Dr. Cyrill Sele Head Group Corporate Communications & General Secretary Liechtensteinische Landesbank Aktiengesellschaft Staedtle 44, P. O. Box 384, 9490 Vaduz, Liechtenstein Telephone +423 236 82 09 Fax +423 236 87 71 E-mail email@example.com Internet http://www.llb.li This message is exclusively for the person addressed or their representative. Any form of the unauthorized use, publication, reproduction, copying or disclosure of the content of this e-mail is not permitted. If you are not the intended recipient of this message and its contents, please notify this sender immediately and delete this message and all its attachments subsequently. LLBMMLuganoBranch Provider Channel Contact Tensid Ltd., Switzerland newsbox.ch Provider/Channel related enquiries www.tensid.ch www.newsbox.ch firstname.lastname@example.org +41 41 763 00 50