M and A

Liechtenstein Bank Offloads Swiss Business

Tom Burroughes Group Editor London 9 March 2015

Liechtenstein Bank Offloads Swiss Business

As part of its strategic refocus, the bank has shed its swisspartners operation.

Liechtensteinische Landesbank is selling its majority shareholding in swisspartners Investment Network, a Swiss asset manager, to the active partners of the company. The sale will have a positive impact on net profit for LLB this year of around SFr9 million ($9.12 million).

The sale is part of what the bank calls its "Focus2015" strategy and is consistent with its push to focus on core business, the firm said in a statement last week.

Assets under management at LLB Group will drop by around SFr3 billion as a result of the sale and the balance sheet total will decrease by SFr1.3 billion, essentially due to financial assets and financial liabilities, the statement said.

Both parties declined to disclose the purchase price.

The Principality of Liechtenstein holds most of LLB’s share capital. It has 893 staff and managed SFr60.9 billion of assets at the end of last year.

 

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes