Vaduz-based Liechtensteinische Landesbank (LLB) has agreed to acquire 100% of Semper Constantia Privatbank, a Vienna-based private bank, in a cash-stock deal worth around €185m.

The deal will add around CHF17bn in assets to LLB’s books, increasing the company’s business volume to over CHF75bn.

Existing key shareholders of Semper Constantia Privatbank will become owner of about 6% stake in LLB as part of the deal.

LLB’s Gabriel Brenna has been appointed as chairman and Bernhard Ramsauer, the existing CEO of Semper Constantia, has been appointed CEO of the merged entity. LLB also proposed the name of Karl Sevelda, Semper Constantia chairman, as its new board member.

LLB Group chairman of the board of directors Georg Wohlwend said: “The LLB Group with its StepUp2020 strategy is aiming at sustainable profitable growth. This acquisition is fully in line with our strategy to grow both organically and through acquisitions.”

The acquisition of assets is expected to occur in July 2018, followed by a merger of the two entities in September 2018 to form Liechtensteinische Landesbank (Osterreich). LLB already operates in Austria, which is one of the three home markets for the bank, in addition to Liechtenstein and Switzerland.

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LLB Group CEO Roland Matt added: “The acquisition opens up a point of entry for the LLB Group into the Austrian market for fund services. In this way it can realise its strategic goal of geographically expanding and developing the fund business.”