The Liechtenstein private bank plans a second Austrian office, thanks to a Credit Suisse referral deal.
LLB is planning to open an office in Salzburg besides its Vienna headquarters, the bank said in a statement on Friday. The move follows Austrian regulatory approval on a referral deal struck with Credit Suisse in March.
In effect, the Liechtenstein bank is taking over the Salzburg office of Credit Suisse, which is retreating from an onshore presence. LLB has the potential to assume 1 billion euros ($1.2 billion) of Credit Suisse assets through the referral deal. The move echoes UBS' exit from Austria in December, when it sold to LGT.
