Sale of Elips Life stake to Swiss Re

The Vaduz-based life assurance company Elips Life AG was founded in 2008 by its two main shareholders, Liechtensteinische Landesbank AG (LLB) and Swiss Re. It offers solutions for transferring risk in relation to the second and third pillars of the Swiss pension system.

Concentrating on core business
"The sale of this investment reflects our efforts to focus unequivocally on our core business in the private banking, asset management, and fund and trust services sectors as well as a universal bank", explains Urs Müller, Member of the Board of Management and Head Domestic and Institutional Markets. The LLB will also continue to focus on its consultancy services in the areas of private financial planning and occupational pension provision.

Close cooperation
At the same time, the sale of Elips Life to its second main shareholder will secure its continuing business operations in their entirety for its clients and employees. The transaction also includes an agreement between the two main shareholders to maintain their close cooperation: for instance, the Liechtensteinische Landesbank will continue to offer selected Elips Life products even after its stake has been sold.

The transaction, which still requires the approval of the supervisory authorities, is expected to be completed in the fourth quarter of 2011.

Contact
Liechtensteinische Landesbank AG Dr. Cyrill Sele Head Group Corporate Communications Städtle 44 9490 Vaduz Tel. +423 236 82 09 Fax +423 236 87 71 E-mail ir@llb.li

Editor's note: Image rights belong to the respective publisher.