Liechtensteinische Landesbank (LLB) has completed the acquisition of 100% of the share capital of Austria’s Semper Constantia Privatbank.

The deal, valued at around €185m, was first announced in December 2017.

As per the agreed terms of the transaction, two key Semper shareholders secured a stake of around 6% in LLB along with voting rights.

LLB already operates in Austria, which is one of its three home markets apart from Liechtenstein and Switzerland.

The bank has been present in Vienna since 2009 through its unit Liechtensteinische Landesbank (Osterreich), which employs 50 staff.

Semper Constantia will merge with LLB Osterreich to create a new asset manager called Liechtensteinische Landesbank (Osterreich) with more than 18bn in assets. The consolidation is slated to occur in September this year.

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Semper CEO Bernhard Ramsauer will lead the combined group as CEO, while LLB private banking head Gabriel Brenna will serve as chairman.

LLB recently also acquired LB (Swiss) Investment, a Zurich-based fund provider. The deal was announced in February this year.

LLB group CEO Roland Matt said: “We were able to conclude the acquisition of LB(Swiss) Investment AG just six weeks after the announcement in February 2018. The acquisition of Semper Constantia has now also been formally completed. The two acquisitions represent a quantum leap for us in the implementation of our StepUp2020 strategy.”