The deal included taking over €760m in client assets and an 11-person advisory team, VP Bank said in a press release on 8 July.

“It was agreed not to disclose the purchase price,” the announcement stated.

The acquisition is part of VP Bank’s expansion plan for the Nordic markets. “The majority” of Öhman Bank’s clients “are Scandinavian entrepreneurs and investors”, the bank said. They will continue to be served by the Luxembourg-based team.

Paul H. Arni, CEO of VP Bank Group, stated:

“VP Bank Group continues to focus on acquisitions that fit its strategy and culture. The transaction with Öhman Bank S.A. is in line with the growth objectives of our ‘Strategy 2025’ and makes a significant contribution to the expansion of our activities in the Luxembourg as well as Scandinavian markets.”

VP Bank previously acquired the Luxembourg investment funds business of Sweden’s Carnegie group and the Luxembourg private banking business of Catella Bank, also a Swedish financial outfit.

Stockholm-based Öhman started its Luxembourg private banking unit in 2006. It previously tried to sell the unit to the Swiss financial group Reyl, in 2018, but that deal did not go through.

VP Bank, part of a Liechtenstein-based group has been active in the grand duchy since 1988; it employs around 150 staff members in Luxembourg.

VP Bank said it expected the transaction to be completed by the end of the year.