OREANDA-NEWS. The Financial Market Authority (FMA) Liechtenstein and the Hong Kong Stock Exchange (HKEX) have approved the sale's transaction whereby Valartis Bank (Liechtenstein) AG will be divested to Citychamp Watch & Jewellery Group Ltd within the framework of a share purchase agreement (SPA). The approvals mean that the two major conditions precedent on conclusion of the sale's transaction have now been fulfilled. The Extraordinary General Meeting of Shareholders of Citychamp Watch & Jewellery Group Ltd, which will have to approve of the sale's transaction, has been set for the 13 September 2016. Closing is expected to occur during the third quarter of 2016 which will not delay current recovery plans of Valartis Finance Holding AG and Valartis Group AG.

Continuity for clients and employees
Citychamp Watch & Jewellery Group Ltd intends to continue the business activities of the bank in Liechtenstein, with the existing management and employees, in order to carry on providing pro­fessio­nal financial services in the fields of wealth management, investment advisory and fund management.

Valartis Group is an international finance group with offices in Switzerland, Liechtenstein, Luxembourg, as well as Moscow and St. Petersburg. Valartis Group AG (Baar, Switzerland) is listed on the Swiss stock exchange, SIX Swiss Exchange. Continued operations include the fields of Corporate Finance, Private Equity and Real Estate Management together with participations in the financial services sector.