LGT Group completes takeover of Dresdner Bank (Switzerland) Ltd. - Steady realization of international growth strategy

1 dicembre 2009

LGT Group, the international wealth and asset management company, announced today that it has completed the closing of the takeover deal for Dresdner Bank (Switzerland) AG on 1 December 2009. The latter will be completely integrated into LGT Bank (Switzerland) Ltd. in February 2010. With this acquisition, LGT increases its assets under management by CHF 9.4 billion (status at the end of 2008) and significantly strengthens its market position in Switzerland as well as in the important growth markets.

The takeover of Dresdner Bank (Switzerland) that has now been completed was announced by LGT Group on 27 July 2009. It was agreed with the seller, the German Commerzbank, that the purchase price would not be disclosed.

From February 2010, Dresdner Bank (Switzerland) will be fully integrated into LGT Bank (Switzerland) and thereafter will conduct business solely under the latter’s name. The companies, both of which are subject to Swiss banking law, have approximately the same size, and are both specialized in investment counseling and wealth management, predominantly for high-net-worth individuals. LGT Bank (Switzerland) is present in Basle, Berne, Geneva, Lucerne, Lausanne, Lugano and Zurich. As a result of the acquisition, it has doubled its asset basis to almost CHF 20 billion (status at the end of 2008). In total, LGT Group has increased its assets under management to over CHF 87 billion (status at the end of 2008).

H.S.H. Prince Max von und zu Liechtenstein: „In line with our wealth management strategy, we have focused for around ten years on developing and expanding our locally regulated banking businesses in Switzerland, Germany and Austria, as well as on international growth markets in the Middle East, Central and Eastern Europe and Latin America. Thanks to the takeover of Dresdner Bank (Switzerland), we have significantly improved our market position in both areas. Especially at a time when cross-border banking business is undergoing rapid change in our core markets, we are even more confident of the correctness of our international growth strategy and shall steadily continue to implement it.“

  Press release: LGT Group completes takeover of Dresdner Bank (Switzerland) Ltd.