Liechtensteinische Landesbank AG
LLB extends purchase offer to Bank Linth shareholders

Vaduz, 27 January 2022. Liechtensteinische Landesbank AG (LLB) intends to increase its equity share of its subsidiary Bank Linth LLB AG to 100 per cent. It will offer Bank Linth shareholders an attractive premium and the choice between a partial exchange for LLB shares with a cash component or a full cash settlement. The Boards of Directors of LLB and Bank Linth have mutually come to the conclusion that Bank Linth's stock should be delisted from the SIX Swiss Exchange. In the future, this will allow Bank Linth to concentrate fully on its clients. Existing potential for synergies and further growth will be exploited. The Board of Directors of Bank Linth recommends that shareholders accept the offer.

LLB intends to extend a public purchase offer to Bank Linth shareholders in order to increase LLB's equity share of Bank Linth from the current level of 74.9 per cent to 100 per cent. LLB offers an attractive premium and the choice between a partial exchange offer with a cash component or a full cash settlement. With the partial exchange offer, LLB is offering Bank Linth shareholders the opportunity to exchange some of their Bank Linth shares for LLB shares. Depending on their decision, this will allow Bank Linth shareholders to participate in the continued growth and the development of the entire LLB Group, take part in the LLB Group's General Meeting of Shareholders in the future, and profit from an attractive dividend policy. The partial exchange offer comprises 5 LLB shares as well as a cash component of CHF 323.00. The cash settlement amounts to CHF 600.00. Compared to the volume-weighted average price of a Bank Linth share on the SIX Swiss Exchange in the last 60 trading days prior to the announcement of the public purchase offer, this corresponds to a premium of 22.8 per cent.

It will be financed from LLB's own funds. The LLB shares required for the partial exchange offer can be obtained at a purchase price of CHF 55.39 per LLB share (corresponds to the volume-weighted average price of the LLB share from the last three trading days prior to the signature of the purchase agreement) from the majority shareholder, the country of Liechtenstein. This will not result in dilution for LLB shareholders.

The Board of Directors of Bank Linth, which is represented by independent members, recommends that Bank Linth shareholders accept LLB's offer. The Board of Management also supports LLB's offer.

Bank Linth is a key pillar of the LLB Group
On 27 October 2021, LLB introduced its new ACT-26 strategy, which outlines the further development of the LLB Group. ACT-26 stands for taking action – and also for acceleration and transformation. The goal of the new strategy is to accelerate previous growth while, at the same time – and with increased use of digitalisation – making the LLB Group more customer-oriented, efficient and sustainable. With this new strategy, the Group will be focussing on the topics of growth, efficiency and sustainability for the next five years. 

With ACT-26, the LLB Group is also reaffirming its commitment to the Swiss market and to Bank Linth as a key pillar within the LLB Group. With its services for private and corporate clients in Switzerland, Bank Linth is a strategically vital element of the LLB Group. Since LLB obtained the majority stake in 2007, both banks have profited from their cooperation and mutually beneficial synergies, and have successfully pursued important developments. As a retail bank with a strong regional base, profitable growth is paramount to Bank Linth. It pursues this with the aim of continually honing its customer and sales focus and offering clients an attractive range of services and products both now and in the future.

Creating further added value
The Boards of Directors of LLB and Bank Linth have mutually come to the conclusion that delisting Bank Linth from the SIX Swiss Exchange will allow Bank Linth to concentrate fully on its clients and their needs while at the same time reducing complexity and cutting costs. This will also better equip Bank Linth for the future.

"Further development of Bank Linth is an important component of our ACT-26 strategy. We want to continue our successful cooperation of the past 15 years and work together to create added value for Bank Linth clients," says Group Chief Executive Officer Gabriel Brenna. "Our business strategy is built on long-term relationships and sustainability. We hope that the Bank Linth shareholders will choose the partial exchange offer and that we will be able to welcome them as LLB shareholders. This will allow them to participate in the continued growth of the entire LLB Group and profit from an attractive and sustainable dividend policy with a distribution radio of more than 50 per cent of Group profit."

Advance notice of the public purchase offer was published today and can be viewed on the Liechtensteinische Landesbank website www.llb.li/kaufangebot as well as on the Swiss Takeover Board website www.takeover.ch. The offering prospectus is scheduled to be published on 25 February 2022.

Important dates

• Friday, 25 February 2022, presentation of the 2021 annual results
• Friday, 25 March 2022, publication of the 2021 annual report
• Friday, 6. May 2022, 30th General Meeting of Shareholders

Brief portrait

Liechtensteinische Landesbank AG (LLB) is the longest established financial institute in the Principality of Liechtenstein. The majority of the company’s share capital is held by the Principality of Liechtenstein. LLB’s shares are listed on the SIX Swiss Exchange (Symbol: LLBN). The LLB Group offers its clients comprehensive wealth management services, as a universal bank, in private banking, asset management and fund services. With 1'056 employees (full-time equivalent positions), LLB is represented in Liechtenstein, Switzerland, Austria and the United Arab Emirates (Abu Dhabi and Dubai). As per 31 December 2021, the business volume of the LLB Group stood at CHF 106 billion.

Best regards

Liechtensteinische Landesbank
Aktiengesellschaft

Dr. Cyrill Sele
Head Group Corporate Communications & Sustainability

Liechtensteinische Landesbank Aktiengesellschaft
Staedtle 44, P. O. Box 384, 9490 Vaduz, Liechtenstein
Telephone +423 236 82 09
E-mail ir@llb.li
Internet http://www.llb.li