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VIENNA, Nov 5 (Reuters) - Liechtenstein's LGT bank and an Austria-based consortium are both in talks over the sale of Constantia Privatbank, five sources with knowledge of the matter told Reuters. Formerly family-owned Constantia, which has a large business as custodian for investment funds, ran into a liquidity squeeze last year when problems at affiliated real estate group Immofinanz sent nervous clients scurrying. It was bailed out by Austria's five biggest banks in a government-orchestrated deal -- UniCredit's Bank Austria, Erste Group, Raiffeisen Zentralbank, Oesterreichische Volksbanken and Bawag P.S.K. LGT and a consortium led by former Bank Austria executive Willi Hemetsberger are currently at the due diligence stage for the bank's planned sale, the sources said. "People are not talking about the price yet, because it is unclear what the 'new' bank will look like," one source said. Two of the sources said LGT, which is looking to expand its presence in Austria, stands a better chance than the consortium in the sale because it is a big institutional buyer. LGT and Hemetsberger both had no comment. Earlier this year German private bank Hauck & Aufhaeuser pulled out of talks to buy Constantia, citing concerns about what the new bank would be like and said the sale was risky. (Reporting by Eva Komarek and Christian Gutlederer, Writing by Sylvia Westall, editing by Will Waterman) Keywords: CONSTANTIA LGT/ (sylvia.westall@reuters.com; Vienna Newsroom: +43 153 112 256; Reuters Messaging: sylvia.westall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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