Austria: Schoenherr advises LLB AG on takeover of Zürcher Kantonalbank Österreich AG

The acquisition agreement was executed on 1 July 2024. Closing of the transaction is subject to the required regulatory approvals. The acquisition of Zürcher Kantonalbank comprises client assets totalling around EUR 3.1bln (approx. CHF 3.0bln). In a second step, ZKB Austria is to merge with Liechtensteinische Landesbank (Österreich) AG.

Alongside Liechtenstein and Switzerland, Austria is one of the LLB Group's three home markets. The Group has been active on the Austrian market since 2009 with its subsidiary Liechtensteinische Landesbank (Österreich) AG and successfully operates the wealth management business.

Zürcher Kantonalbank is a leading universal bank in the Zurich economic area. It is an independent public-law institution of the Canton of Zurich. The bank's core businesses include financing, asset management, trading and the capital market as well as deposit, payment and card business.

The Schoenherr team advising LLB AG on all legal aspects of the transaction was led by Maximilian Lang (partner) and Christian Herbst (partner), and further consisted of Peter Feyl (partner), Volker Weiss (partner), Teresa Waidmann (partner), Constantin Benes (partner), Matthias Pressler (counsel), Beatrix Schima (attorney at law) and Markus Fasching (associate).

Zürcher Kantonalbank was represented by Binder Grösswang.