Private banks in Austria: Why many providers fail

His own institute comes to 3,500 existing customers. This year 1,500 are added. Because LLB has the Austrian branch of the Zurich Cantonal Bank (ZKB) taken over. That is already the Third purchase Since entering the domestic market in 2009. In 2018 the Always constancy taken over and later the Credit Suisse Austria. The daughters of UBS, Vontobel and Julius Bär Have already said goodbye to Austria again.

Similar business culture

The ZKB also managed a fortune of 3.5 billion euros, the LLB at least almost 39 billion. “The ZKB was at the top of our wish list,” says LLB supervisory council leader Natalie Flatz In a courier conversation. They have been working together for years; In addition to the purchase price, which is not mentioned, and a similar business culture, this was decisive for the contract.

Little should change for the ZKB customers who, according to Löw, “mostly positive” to the takeover. “They are automatically integrated in the first quarter.” That E-Banking The LLB offers more, it is lying at eye level With large banks.

And while the ZKB mainly in Western Austria was present, it is the LLB in the east. “We only have a small office in Salzburg,” says Löw. Therefore, the headquarters of the cantonal bank in the city of Mozart will be preserved, while in Vienna the colleagues will move into the LLB house at the juridicum.

Of the 112 ZKB employees, according to Flatz, a relatively small part is over one Social plan dismantled. Because im Back office give it Overlapbecause a good part of the activities are done cost saving from Vaduz. The three-person ZKB board is boss Christian Nemeth move into the LLB board, responsible for asset management. “This is of central importance,” says Flatz.

Because with the takeover of the Semper Constantia that came in Austria Investment fund and real estate business In addition. “A third of the assets in Austria is in real estate. As a bank, we have to have an opinion, ”says Löw.

Speaking of real estate: Many owners would not be familiar with this area, and there are also Inheritance often different interests of the beneficiaries. In these cases, the LLB has its own team of experts, says Löw. In addition, there would be complex asset structures Family Office Services available.

“Half of the assets will be broadcast in Austria in the next 20 years,” says Löw. The market for private banking will therefore continue to grow. “We are always on the Search for takeover objects“Flatz is aiming for further growth in German -speaking countries.