Mason Group Holdings, a Hong Kong Based financial services group, has agreed to acquire Raiffeisen Privatbank Liechtenstein for CHF58.6m ($59.7m).
Raiffeisen Privatbank Liechtenstein focuses on offering private banking services as well as services for external asset managers mainly to clients in Germany, Austria, Spain, Liechtenstein, Russia and Switzerland. The firm reported assets under management of over CHF1bn at the end of September 2017.
Mason will acquire the Liechtenstein-based bank from Austria-incorporated Walser Privatbank Aktiengesellschaft and Raiffeisenbank Kleinwalsertal Beteiligungsmanagement. The Hong Kong firm will utilise net proceeds from its rights issue completed in February 2017 to fund the acquisition.
Following completion of the deal, the Liechtenstein-based bank will become a subsidiary of Mason. The deal is subject to shareholder and regulatory approvals.
The takeover would offer Mason a footprint in the Liechtenstein private banking market and a platform to further expand into the private banking space in Europe, the Hong Kong-based firm said in a filing to the stock exchange.
“After the acquisition of this private banking platform including the license, the Group will use this platform to further develop its wealth management business through offering wide range of Asian financial products to European clients and providing high-quality European private banking services for high-net-worth clients in Asia Pacific. The Group will continue to launch investment products, including Asian fixed income securities, mortgage-backed securities, asset-backed securities, asset management products, and other investment products in order to meet the demands of the private banking clientele of the Target Company,” Mason said.