The Liechtenstein wealth manager is buying up assets and teams in Luxembourg in an asset deal. A Genevan rival's efforts to snap up the same business two years ago foundered.

VP Bank is buying Oehman Bank's private banking business in Luxembourg, including an 11-person team and 760 million euros ($858 million) in assets, it said in a statement on Wednesday. Financial details of the asset deal, which is to close by year-end, weren't disclosed by either party.

The move is a bid by Vaduz-based VP to make a go of the business where Oehman stumbled: the clients are primarily of Scandinavian entrepreneurs and investors. Oehman, a family-controlled financial group in Stockholm, set up the Luxembourg unit in 2006. Two years ago, Geneva's Bank Reyl attempted to buy the same business – a deal which didn't come to fruition.

For VP, Oehman's Luxembourg arm represents a dramatic expansion of its Nordics portfolio, though it has been very active in Luxembourg. In 2018, VP bought the Luxembourg fund arm of Carnegie as well as the wealth management activities of Catella – its debut into the Scandinavian market.