Liechtensteinische Landesbank (LLB) has signed an agreement to sell its equity stake in the Jura Trust business to the chairman of the Trust, as part of a management buyout, according to 4 traders.
As part of a management buy-out, the chairman of the management board of Jura Trust AG will acquire the equity stake held by the LLB Group. In March 2013, LLB Group announced the sale of its trust business, Jura Trust AG.
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The deal is likely to be completed by the end of 2013. Financial terms of the sale were not disclosed by both the parties.
According to LLB, 25 jobs at Jura Trust will be reattained as a part of the deal.
Roland Matt, CEO of the LLB Group said: "The sale marks another important milestone in the implementation of our strategic initiatives. It should be especially emphasized in this connection that the sale to the Chairman of the Management Board of Jura Trust AG fully safeguards the interests of both clients and employees."
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By GlobalDataLLB Group institutional clients head Urs Müller added: "All 25 jobs will be preserved, and the clients will continue to be taken care of in the accustomed form. For these reasons, the achieved result represents an optimal solution for everyone involved."
The latest move will affect the result of LLB Group in 2013 to about CHF8 million.
