Valartis Group, which is based in Baar, this year sold significant assets of Valartis Bank (Austria) to Wiener Privatbank SE. With the asset deal, currency losses of 39.8 million francs accrued over the past years will be booked against this year's result.

The company sold the activities of the private bank in Austria on April 1, 2016 and expects to conclude the business of the private bank in Liechtenstein in the third quarter.

The first-half loss of the remaining business together with the divested units will «clearly higher» than a year earlier due to the one-time effect, the company said in a statement today.

The one-time position however has no effect on shareholders' equity of Valartis Group, the company said.

The business that Valartis is retaining will post a smaller loss for the first six months of the year. Last year, those units had a loss of 11.1 million francs. Full results are due on August 30.