VP Bank takes over Öhman's private banking business in Luxembourg

In October 2018, VP Bank based in Liechtenstein entered the Scandinavian market by taking over Carnegie's Luxembourg investment funds as well as the Luxembourg private banking activities of Catella Bank. The bank now makes another move to increase its business scope in the Nordics.

Photo: Thomas Borberg

VP Bank, a Liechtenstein-based bank listed on the Swiss stock exchange, strengthens its position in the Nordic market and acquires the client business of the Luxembourg-based private bank Öhman Bank from the Swedish financial group Öhman, the company announces in a press statement.

This transaction in the form of an asset deal includes the takeover of a client advisor team of 11 employees as well as client assets of about EUR 760m.

According to the statement, the purchase price is undisclosed, and the transaction should be completed by Jan. 1, 2021, at the latest.

The existing private banking clients of Öhman Bank S.A., the majority of whom are Scandinavian entrepreneurs and investors, will continue to be served by their personal advisors in Luxembourg, according to the statement.

"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," comments Christoph Mauchle, Senior Advisor and former Head of Client Business of VP Bank Group.

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