LGT to Acquire Wealth Management Business of UBS Europe SE in Austria

​LGT, a leading international private banking and asset management group, recently announced that it has reached an agreement with UBS Europe SE to acquire by way of an asset deal their wealth management business in Austria, which has around EUR 4 billion in assets under management and around 60 employees.

The acquisition of the wealth management business of UBS Europe SE in Austria allows LGT to strengthen its position in one of its key European markets and continue on its successful growth path.

Further, LGT Bank Österreich's assets under management will increase from around EUR 8 billion as at mid-2020 to EUR 12 billion, making it the leading private bank for high-net-worth private cli-ents in the Austrian market.

H.S.H. Prince Max von und zu Liechtenstein, CEO LGT: "We very much look forward to welcoming the clients of UBS Europe SE in Austria to LGT. We are convinced that our stability, our tradition in private banking and our investment expertise, particularly also in the area of alternative and sustainable investments, make us a reliable and attractive partner for these clients. We also want to welcome our future colleagues to LGT. Austria is an integral part of our strategy in Europe. "

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. The transaction is expected to take place in the third quarter of 2021, following receipt of the standard approvals. The two parties have agreed not to disclose the purchase price.