VP Bank Group, a Liechtenstein-based banking firm, has agreed to acquire the private banking activities of Öhman Bank in Luxembourg for an undisclosed price, in a move to further grow its Nordics business.
The transaction, which is being executed by the bank’s subsidiary VP Bank (Luxembourg), is in the form of an asset deal. It includes the takeover of a client advisor team and also client assets of around €760m.
Öhman Bank was founded in 2006 as the global private banking unit of the Swedish financial group Öhman. The bank is said to provide customised solutions in the areas of asset management, financial consulting, securities trading, financing, and securities custody.
According to the Liechtensteinian banking group, a majority of the existing private banking clients of Öhman Bank are Scandinavian entrepreneurs and investors.
VP Bank Group senior advisor and former client business head Christoph Mauchle said: “The transaction with the Öhman group underlines our growth ambitions. Thanks to its established network in the Scandinavian region as well as comparable digital platforms, VP Bank Group has the ideal prerequisites for rapidly integrating the acquired clients and employees.”
VP Bank forayed into the Scandinavian market in October 2018 by acquiring the Luxembourg investment funds of Carnegie, a Swedish financial services group, and also the Luxembourg private banking operations of Sweden-based Catella Bank.
VP Bank CEO comments on the deal with Öhman Bank
VP Bank Group CEO Paul Arni said: “VP Bank Group continues to focus on acquisitions that fit its strategy and culture. The transaction with Öhman Bank S.A. is in line with the growth objectives of our “Strategy 2025″ and makes a significant contribution to the expansion of our activities in the Luxembourg as well as Scandinavian markets.”
The deal with Öhman Bank is expected to be closed at the latest by 1 January 2021.
VP Bank established its Luxembourg subsidiary in 1988, which has been offering asset management services and investment consultancy for private and institutional investors. Besides, VP Bank (Luxembourg) is engaged in pan-European fund distribution.
