VP Bank (Luxembourg) SA has concluded the acquisition of the private banking business of Öhman Bank S.A. in Luxembourg, as the VP Bank Group reported in a press release. The transaction had been arranged between the VP Bank Group and the Swedish financial group Öhman in July of last year. The two parties have agreed not to disclose the purchase price.

The acquisition comprises 11 client advisors and client assets under management of Öhman Bank totaling around €760 million. According to the press release, the majority of Öhman Bank’s client base are Scandinavian entrepreneurs and investors. They will help strengthen the presence of the VP Bank Group in the Nordics.

“The transaction with Öhman Bank S.A. is in line with the growth targets of our Strategy 2026 and contributes significantly to the expansion of our activities in the Luxembourg and Scandinavian markets,” says Tobias Wehrli, Head of Intermediaries & Private Banking and member of the Group Executive Management of VP Bank Group. “In Luxembourg, VP Bank specializes in comprehensive services in the areas of International Private Banking, Intermediaries and Investment Funds, especially for clients from the Nordics.”