Swiss giant Credit Suisse is leaving the domestic Austrian wealth management sector.
This comes after it agreed to refer its Austria-based private banking clients to LLB Group.
Through this transaction, LLB Group is strengthening the private banking business of Liechtensteinische Landesbank (Österreich).
The client base of the Austrian branch of Credit Suisse (Luxembourg) covered by the agreement primarily comprises wealthy Austrian private clients in Vienna and Salzburg.
The transaction to refer private banking clients takes the form of a referral deal. Credit Suisse has decided to recommend Liechtensteinische Landesbank (Österreich) as its future banking partner to its Austrian high net worth clients.
The referral potential is expected to reach approximately €1bn (£860m, $1.18bn) in assets under management.
The deal is subject to approval by the Austrian Federal Competition Authority. The parties have agreed not to disclose the referral price.
