VP acquires private banking business of Öhman Bank
VP Bank has signed an agreement with the Swedish financial group Öhman to acquire the client business of Öhman Bank in Luxembourg. The move strengthens VP Bank’s position in the Nordic market.
VP Bank (Luxembourg) SA has signed an agreement to acquire the private banking activities of Öhman Bank S.A. in Luxembourg. According to a press release, the transaction, which is in the form of an asset deal, should be completed by January 1, 2021 at the latest.
The transaction includes the takeover of a client advisor team of 11 employees as well as client assets of about 760 million euros. The partners have agreed not to disclose the purchase price. The existing private banking clients of Öhman Bank S.A. are predominantly Scandinavian entrepreneurs and investors.
According to Christoph Mauchle, Senior Advisor and former Head of Client Business of VP Bank Group, the transaction with the Öhman group underlines VP Bank’s growth ambitions. “Thanks to its established network in the Scandinavian region as well as comparable digital platforms, VP Bank Group has the idea prerequisites for rapidly integrating the acquired clients and employees.”
In October 2018, VP Bank successfully entered the Scandinavian market when it acquired the Luxembourg investment funds of the Swedish financial services group Carnegie and the Luxembourg private banking activities of Catella Bank, which is headquartered in Sweden.
VP Bank will continue to focus on acquisitions that fits its strategy and culture, says CEO Paul H. Arni. “The transaction with Öhman Bank S.A. is in line with the growth objectives of our ‘Strategy 2025’ and makes a significant contribution to the expansion of our activities in Luxembourg as well as Scandinavian markets.”