The Liechtensteinische Landesbank Group (LLB Group) and PKB Privatbank SA have signed an agreement regarding the sale of the Lugano branch of LLB Switzerland.
The sale follows a part of the firm’s strategy to focus on clearly defined markets and client segments.
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The sale process is scheduled for completion by the end of 2013.Finacial terms of the deal were not disclosed by both the parties.
LLB Group said that the sale of the Lugano branch, with business volume of around CHF2 billion, represents an important stage in the closure of LLB (Switzerland).
"Besides the sale of the branch, the closure is also on track in all other areas, and LLB (Switzerland) Ltd will terminate its banking activities by the end of 2013," LLB Group said in a statement.
Gabriel Brenna, head of private banking at the LLB Group, said: "We strongly believe that PKB is an optimal solution for both clients and employees. PKB is based in Lugano and has thus been firmly rooted in the Ticino region for many years. This acquisition will therefore ensure that all 26 jobs are secure, and that continuity of client service provision is guaranteed."
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