LGT, the international private banking and asset management group owned by the Princely Family of Liechtenstein, has signed an agreement to acquire the personal advice business of Australia’s largest bank, CBA.
This purchase bolsters LGT’s foothold in the Australian wealth management landscape, according to a statement by the private bank.
The acquisition is expected to transfer more than CHF 2.8bn ($3.18bn) in assets from CBA’s ultra-high-net-worth and high-net-worth clients to LGT, accompanied by the integration of approximately 40 advisers, associates, and support staff into LGT Crestone, LGT’s Australian business.
The transaction is expected to close by mid-2025, and will enhance LGT’s Australian operations, which include Adelaide, Brisbane, Melbourne, Perth and Sydney. LGT Crestone currently has more than 350 employees, including more than 100 advisers across Australia.
Michael Chisholm, chief executive officer of LGT Crestone, said: “This transaction is driven by our shared purpose and values with Commonwealth Private Advice, particularly our client-centric approach to managing the wealth and financial wellbeing of sophisticated high-net-worth clients.”
H.S.H. Prince Max von und zu Liechtenstein, Chairman LGT, commented: ” With this acquisition, we are accelerating our growth trajectory in one of the world’s most promising wealth markets, deepening our commitment to the Apac region and our clients here.”
LGT has been fully controlled by the Liechtenstein Princely Family for over 90 years. As at 30 June 2024, LGT managed assets of CHF 356bn for wealthy private individuals and institutional clients. Apac represents more than a third of LGT’s business.
