he client relationships of UBS Europe SE in Austria, which consist of mainly high-net-worth and ultra-high-net-worth individuals residing in the country, will be assumed by LGT as part of the asset deal. The private bank and asset management group owned by the Princely House of Liechtenstein will gain around €4 billion in assets under management. According to a bank press release, LGT will become the leading private bank for high-net-worth private clients in the Austrian market following the acquisition of this “profitable portfolio”.
LGT intends to assume the around 60 employees of UBS Wealth Management in Austria and to integrate them into its locations in Vienna and Salzburg. Completion of the transaction is expected in the third quarter of 2021. The two parties have agreed not to disclose the purchase price.
Over the past few years, LGT has reportedly been continually expanding its private banking business in Austria. LGT has been operating with its own bank in the country since 2007. It currently employs 170 staff.
“Austria is an integral part of our strategy in Europe,” said the CEO of LGT, Prince Max von und zu Liechtenstein, who emphasized the special relationship between his family and Austria. “I am therefore all the more pleased that we can take this important step and become Austria’s leading private bank next year, which is also the year during which LGT will be celebrating its 100th anniversary.”