The initial announcement of the transaction was announced on 1 December last year.

The deal was approved by the Financial Market Authority Liechtenstein.

The Marxer Foundation for Bank Values, previously the sole shareholder of Centrum Bank, will participate in VP Bank at a level equivalent to the purchase price of the shares. To do this, VP’s board of directors will call an extraordinary general meeting of shareholders on 10 April to seek for a corresponding increase in capital.

The transaction will increase VP Bank Group’s client assets by about SFr6 billion ($5.9 billion) to SFr46 billion, and its new balance sheet total will be approximately SFr13 billion. There will be no significant reduction in VP Bank’s capitalisation, which is above average (a tier 1 ratio of 20.7 per cent as of 30 June 2014).