VP Bank enhances activity in Luxembourg with new acquisition
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VP Bank enhances activity in Luxembourg with new acquisition 07 January 2021Luxembourg Reporter: Maddie Saghir
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VP Bank (Luxembourg) has acquired Öhman Bank’s client business, enhancing its activities in the Luxembourg and Scandinavian markets.
The transaction, which was completed in the form of an asset deal, will include the takeover of employees and the migration of client assets.
Luxembourg-based private bank Öhman Bank was founded in 2006 as the international private banking division of the Stockholm-based Swedish financial group Öhman.
Öhman Bank's existing private banking clients will benefit from the strengths of the international VP Bank Group as well as the further development of products and services geared to the target market of the Nordics.
"We extend a warm welcome to the acquired clients and employees in VP Bank Group. The acquisition was ultimately made possible by the excellent and committed cooperation between the teams of both contractual partners, for which I would like to express my sincere thanks," says Claus Jørgensen, CEO of VP Bank (Luxembourg).
Tobias Wehrli, head of intermediaries and private banking and member of the group executive management of VP Bank Group, comments: "The transaction with Öhman Bank S.A. is in line with the growth targets of our Strategy 2026 and contributes significantly to the expansion of our activities in the Luxembourg and Scandinavian markets.”
“In Luxembourg, VP Bank specialises in comprehensive services in the areas of International Private Banking, Intermediaries and Investment Funds, especially for clients from the Nordics,” adds Wehrli.
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Image: Sergey Novikov/adobe.stock.com 