LGT acquires the private advice business of Australia’s largest bank (Photo Karolis Kavolelis)
Fürstenbank LGT is taking over the private advice business of the Commonwealth Bank of Australia, Australia’s largest bank, thereby strengthening its position in the Australian private banking market.
The acquisition is expected to transfer more than CHF 2.8 billion in assets under management to LGT Crestone, the Australian unit of LGT. After their integration, customers and employees will be able to benefit from the know-how and stability of LGT, which now manages more than CHF 356 billion worldwide. The transaction is expected to close in mid-2025.
LGT Crestone currently employs over 350 people, including more than 100 consultants, and has offices in Sydney, Melbourne, Adelaide, Brisbane and Perth. By integrating the 40 employees of the Commonwealth Bank of Australia, LGT Crestone can further expand its presence in Australia.
SD Prince Max von und zu Liechtenstein, Chairman LGT: “This acquisition enables us to further strengthen our position in Australia. We can continue our growth in one of the most promising wealth management markets. The transaction reinforces our clear commitment to the region. More than a third of our business is now in APAC. This reflects both our strategic focus and our ambition to build a broadly diversified, global private banking group.”
