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23 September 2020 / deal

Loyens & Loeff advises on acquisition of Luxembourg private bank

Alexander Schütz receives regulatory approval to acquire 100% of the shares of Freie Internationale Sparkasse S.A. from Die Sparkasse Bremen AG

Fading buildings - deal - acquisition of Luxembourg private bank - SCHWM - Sept

Our Financial Regulatory team recently advised the Schütz Family Office on the regulatory aspects of this transaction, including the preparation of the regulatory application for the CSSF and ECB relating to this acquisition. The transaction also included regulatory approval of the acquisition of a regulated fund management company owned by the bank. PwC Legal (Vienna) and Pinsent Masons (Frankfurt) also advised on this deal. Freie Internationale Sparkasse S.A. was established in 2001 and currently manages approximately 600 Million Euro in assets. Acquiring the bank is a key part of the strategy led by Alexander Schütz, who is also a supervisory board member of Deutsche Bank AG, to drive the bank’s growth focusing on a new Lombard loan business, digitalization, expanding into Austria, and the further strengthening of the bank’s existing markets in Germany and Luxembourg.

Working with the bank’s new board chair, Mag. Markus A. Ullmer, alongside its new CEO, Dr. Markus Schachner, we provided comprehensive regulatory advice for this acquisition, including the necessary “fit and proper” approvals required for changes at management and supervisory board level and led the process with the CSSF and the ECB. This is the first acquisition of a Luxembourg bank by an individual.

The Loyens & Loeff team consisted of Michael Schweiger (head of financial regulatory), Adrien Pierre (senior associate), and Charles Cahoua (associate).

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