The small Liechtenstein based Valartis Bank has been acquired by a Hong Kong firm. A rather unusual deal. The Hang Seng listed buyer is a watch and jewellery manufacturer and real estate developer.
The deal, which will be subject to regulatory approval in Liechtenstein, will consist of a share purchase by the Hong Kong firm who will take up 70 percent and pay 77.7 million francs. The vendor, Valartis Group, is an internationally active banking and finance group with offices in Vaduz, Vienna, Zurich, Geneva and Luxembourg as well as Moscow. The Group’s holding company is domiciled in Switzerland and is listed on the SIX Swiss Exchange.
Among familiar brands owned by Citychamp Watch & Jewellery Group (CWJG) are Corum and Eterna, the firm also has a retail presence in Switzerland.
Self Made Tycoon
«The acquisition of Valartis Bank (Liechtenstein) will help us to achieve our vision to diversify our business segments into banking, investment advisory and fund management services,» said Hon Kwok Lung, Chairman of the board of Directors of Citychamp Watch & Jewellery Group.
A self made tycoon Hon Kwok Lung is also a member of the National Committee of the Chinese People’s Political Consultative Conference. His family wealth is estimated at $850 million according to the Forbes 2015 China Rich List.
CWJG intends to keep in place the existing management and employees who will continue to provide wealth management services.
