On 24 March 2016, Valartis Bank (Liechtenstein) is being sold to Citychamp Watch & Jewellery Group, Hong Kong.The agreed sales price of 68.5% percent of Valartis Bank (Liechtenstein) AG totals CHF 110.5 million(equivalent to HK$895,050,000), (subject to possible adjustments pursuant to the Share Purchase Agreement).Citychamp Watch & Jewellery Group Ltd. intends to keep the existing management members and employees who will continue to provide private banking, investment and fund management advisory services.
The Bank is a share corporation incorporated in Liechtenstein with limited liability. The Bank was founded in 1998 and is a fully licensed bank with headquarters in the principality of Liechtenstein. The Bank is the fifth largest Liechtenstein based private bank by the amount of assets under management as at December 2014 according to Liechtenstein Bankers Association and in the sixth place out of a total of 15 banks in the financial centre of Liechtenstein based on the volumes managed and profit after tax. The Bank conducts all transactions associated with it being an asset management bank in Liechtenstein and abroad with principal activities include accepting client deposits and investing them on stock exchanges and in financial centres, grants loans as part of its asset management business. As at 23 March 2016, the Bank managed assets of around CHF3.4 billion (equivalent to approximately HK$27.5 billion) with around 100 employees.
Directors believe that the Acquisition provides an opportunity for the Group to diversify its business and broaden its revenue streams.