Swiss firm Valartis Group has agreed to sell its Liechtenstein-based private banking arm to Hong Kong luxury watch retailer Citychamp Watch & Jewellery Group for CHF77.7m (nearly $80m).
Valartis Finance Holding in Liechtenstein holds 70% of the capital and 89% of the votes in Valartis Bank (Liechtenstein) AG.
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The share purchase deal is expected to close by the end of the second quarter of 2016, subject to regulatory and corporate nod.
Valartis Finance Holding will use the sales proceeds to repay outstanding credit liabilities, including interest and credit costs totalling CHF43.2m to Valartis Bank (Liechtenstein).
The remaining proceeds are expected to be used to further reduce the debt and to meet liquidity needs of the group.
Citychamp intends to retain employees and existing management team, who will continue to offer private banking, investment, and fund management advisory services.
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