Liechtenstein-based private bank VP Bank Group has completed the acquisition of all the shares in Centrum Bank from Marxer Foundation for Bank Values following receipt of approval from the Financial Market Authority (FMA).
As part of the acquisition, Centrum Bank will now become a wholly owned subsidiary of VP Bank Ltd.
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Legally, the merger between VP Bank and Centrum Bank is expected to complete in the coming months and the first consolidated report will be released on 30 June 2015.
The Marxer Foundation for Bank Values will take part in VP Bank at a level equivalent to the purchase price of the shares, the bank said in a statement.
VP Bank agreed to acquire Centrum Bank for CHF60m in December last year.
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