The Austrian branch of Credit Suisse (Luxembourg) S.A. is referring its private banking clients to Liechtensteinische Landesbank (Österreich) AG. The two banks have already signed a referral agreement, as the LLB Group writes in a press release. Under this, Credit Suisse pledges to recommend LLB Österreich as its future banking partner to its Austrian high-net-worth clients. The parties have agreed not to disclose the referral price.
The LLB Group plans to further expand “its position as the leading wealth management bank in Austria” through this agreement. “Following the acquisition of Semper Constantia Privatbank AG three years ago, we are taking a further step towards growth through acquisitions in Austria, underscoring the strategic importance of the Austrian market for LLB Group,” explained Gabriel Brenna, CEO of LLB Group and Chairman of the Supervisory Board of LLB Österreich. The referral potential is reportedly approximately €1 billion in assets under management, while LLB Österreich is said to have assets under management of more than €25 billion at present.