Liechtensteinische Landesbank (LLB) has sold its majority stake in swisspartners Investment Network to the company’s active partners, as LLB focuses on its core business.
Following the deal, swisspartners will exit the consolidated LLB Group of companies.
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LLB Group’s assets under management will now reduce by almost CHF3bn, while balance sheet total will see a dip by CHF1.3bn.
LLB Group’s group CEO Roland Matt said, "For the clients, this solution ensures continuity and security. They will continue to be taken care of in the way they are accustomed. The know-how stays in the company, and jobs are preserved. The sale is the optimal solution for everyone involved."
The sale is projected to have a positive effect on the 2015 net profit of the LLB Group in the amount of nearly CHF9m.
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