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Media release

VP Bank (Luxembourg) SA completes acquisition of Private Banking of Öhman Bank S.A. in Luxembourg

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As of 1 January 2021, the acquisition of the client business of the Luxembourg-based Private Bank Öhman Bank S.A. by VP Bank (Luxembourg) SA was completed. The acquisition was announced on 8 July 2020.

This transaction in the form of an asset deal was successfully completed as planned on 1 January 2021. It included the takeover of employees and the migration of client assets.

Öhman Bank S.A. was founded in 2006 as the international private banking division of the Stockholm-based Swedish financial group Öhman. Öhman Bank S.A.'s existing private banking clients, the majority of whom are Scandinavian entrepreneurs and investors, 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) SA, expressing his delight at the successful completion of the transaction.

"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", says Tobias Wehrli, Head of Intermediaries & Private Banking and member of the Group Executive Management of VP Bank Group, confirming VP Bank's growth strategy.

In October 2018, VP Bank successfully entered the Scandinavian market by taking over the Luxembourg investment funds of the Swedish financial services group Carnegie as well as the Luxembourg private banking activities of Catella Bank with headquarters in Sweden.

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