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
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
*Tuesday, 25 March 2014, 2013 annual results
*Friday, 9 May 2014, 22nd General Meeting of Shareholders
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.
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
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