Liechtensteinische Landesbank

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  Liechtensteinische Landesbank
logo
building
Country LiechtensteinLiechtenstein Liechtenstein
Seat Vaduz
legal form Corporation
ISIN LI0355147575
IID 8800
BIC LILALI2XXXX
founding December 5, 1861
Website www.llb.li
Business data 2018
insoles CHF 67.3 billion
Customer credit CHF 12.9 billion
Employee 1,068
management
Board of Directors Georg Wohlwend
Corporate management

Roland Matt

former logo

The Liechtensteinische Landesbank AG ( LLB ) was founded in 1861 and is a financial institution in the Principality of Liechtenstein. The State of Liechtenstein owns the majority of the shares . The LLB's shares are listed on the SIX Swiss Exchange listed (symbol: LLBN).

The LLB Group offers its clients wealth management services: as a universal bank, in private banking, asset management and fund services. With over a thousand employees, it is present in Liechtenstein, Switzerland, Austria and the United Arab Emirates (Abu Dhabi and Dubai). As of June 30, 2018, the LLB Group's business volume was 63 billion Swiss francs.

positioning

With the StepUp2020 strategy, the LLB Group is aiming for sustainable profitable growth up to 2020. Since 2016, the focus has been on the four core elements of growth, profitability, innovation and excellence. The LLB Group's business model is based on the three market divisions Retail & Corporate Banking, Private Banking and Institutional Clients.

The Private Banking division encompasses all of the LLB Group's private banking activities. It offers investment advice, asset management, asset structuring, and financial and pension planning. The focus is on the onshore markets of Liechtenstein, Switzerland and Austria, on the traditional cross-border markets of Germany and the rest of Western Europe as well as on the growth markets of Central and Eastern Europe and the Middle East.

The Institutional Clients division comprises the intermediary and fund business as well as the asset management division of the LLB Group. Customers include trustees, asset managers, insurance companies, pension funds and public institutions. The focus is on the markets of Liechtenstein, Switzerland and Austria.

The Retail & Corporate Banking division looks after all private and corporate customers. The focus here is on the Liechtenstein and Swiss markets.

Expansion steps of the LLB Group

Since the partial privatization in 1993, the LLB Group has grown steadily. At the beginning of the expansion, the focus was on opening up new business areas in Liechtenstein. The first step abroad was made in 1998 with LLB (Schweiz) AG, which was supplemented in 2005 and 2008 by the opening of representative offices in the United Arab Emirates. In December 2006, the LLB submitted a public purchase offer to Bank Linth AG , which the shareholders accepted with 74.2 percent. The LLB Group has been represented in Vienna by Liechtensteinische Landesbank (Österreich) AG since November 2009.

The LLB Group is a universal bank with a strong private banking and institutional business. It is represented by one bank each in its home markets of Liechtenstein, Switzerland and Austria:

  • Liechtensteinische Landesbank AG (LLB), head office Vaduz. Market leader in private and corporate customer business in Liechtenstein
  • Bank Linth LLB AG, head office in Uznach, the largest universal bank in Eastern Switzerland.
  • Liechtensteinische Landesbank (Österreich) AG, Vienna, leading asset management bank in Austria since October 1, 2018

At the beginning of July 2018, the LLB Group took over 100 percent of Semper Constantia Privatbank AG in Vienna. On October 1, 2018, Semper Constantia and LLB Austria merged to form Liechtensteinische Landesbank (Österreich) AG.

The following wholly owned subsidiaries also belong to the LLB Group:

  • LLB Asset Management AG, Vaduz
  • LLB Fund Services AG, Vaduz
  • LLB Swiss Investment AG, Zurich

On April 3, 2018, the LLB Group took over the fund service provider LB (Swiss) Investment AG, which has been trading as LLB Swiss Investment AG since May 2018.

Liechtenstein tax cooperation

With the implementation of the automatic exchange of information (AEOI), Liechtenstein is one of the countries that, as early adopters, signed the multilateral agreement on October 29, 2014, the so-called “Multilateral Competent Authority Agreement” (MCAA), for the automatic exchange of information. In 2017, the first exchange of bank data took place with the EU countries.

After a tax dispute broke out between Germany and Liechtenstein as a result of the Liechtenstein tax affair in February 2008 , this discussion developed into an international tax debate. Since March 2009, numerous so-called tax havens, including Liechtenstein, have committed to adopting the OECD standards in tax matters and are considered cooperative states by the OECD. In Liechtenstein, this declaration was made on March 12, 2009.

An agreement on the exchange of tax information was then concluded between Germany and Liechtenstein. On this basis, information is exchanged between the two countries in response to specific and well-founded requests.

According to information from the Frankfurter Rundschau , since August 1, 2008 , the Rostock Regional Court has had around 1850 receipts from accounts of German citizens at the Liechtensteinische Landesbank (LLB), which were presented by the defense during the trial for extortion worth millions. Four defendants are said to have illegally procured around 2,500 accounts from the LLB and tried to blackmail the Landesbank with them in July 2005. For image reasons, the bank agreed to the deal with the extortionists and paid around nine million euros in a first installment for the release of the data. The co-defendant Michael F. from Rostock was arrested in Germany when he tried to fly to Thailand with 452,000 euros in his luggage . The arrest and the discovery of money started the prosecution's investigation.

In 2012, Liechtenstein completely lifted banking secrecy for American citizens. On March 21, 2012, the Liechtenstein Landtag (parliament) passed the revised Tax Administrative Assistance Act USA (AHG-USA). On May 16, 2014, Liechtenstein and the USA signed an agreement (Intergovernmental Agreement according to Model 1) to implement the Foreign Account Tax Compliance Act (FATCA). This US law requires financial institutions worldwide to identify their US customers and to disclose their assets and income to the United States federal tax authorities (Internal Revenue Service, IRS).

Compensation model and corporate governance

The remuneration model of the Liechtensteinische Landesbank was awarded first place in 2016 in the context of the evaluation and award of exemplary remuneration concepts for the board of directors and management of companies listed in Switzerland by the Swiss Institute of Directors and the University of Lucerne . According to Martin Hilb , President of the Swiss Institute of Directors, "it was remarkable that the third time the award was held, two financial service companies were among the winners. This indicates that the remuneration concepts for board members in this important economic sector are also changing and the management of the companies listed in Switzerland. For the first time, a state-dominated company also took first place. This shows that not only state-owned companies can learn from private companies, but also private ones from state-dominated companies. "

The LLB Group's remuneration model was developed in collaboration with the business consultancy FehrAdvice & Partners AG and is based on the behavioral economics research results of Ernst Fehr , Professor of Behavioral Economics at the University of Zurich .

Locations

  • Liechtenstein: Vaduz , Balzers , Eschen
  • Switzerland: Geneva , Zurich-Erlenbach and through Bank Linth at 19 locations in the Linth area, in the Lake Zurich region, in Ausserschwyz and in the Sarganserland
  • International: Austria, Abu Dhabi , Dubai (United Arab Emirates)

Web links

Individual evidence

  1. ↑ a b Entry in the bank master of Swiss Interbank Clearing
  2. ↑ Annual results 2018. www.llb.li, accessed on March 15, 2019 .
  3. ↑ https://www.llb.li/de/die-llb/ueber-uns/geschichte
  4. ↑ https://www.llb.li/de/medien/medienmitteilungen/2018/neuer-markenauftritt-llb-swiss-investment
  5. ↑ OECD list of cooperative states in tax matters. www.oecd.org, December 11, 2010, archived from the original on May 3, 2011 ; Retrieved December 11, 2010 .
  6. ↑ Liechtenstein Declaration on Tax Cooperation (OECD version). Government of the Principality of Liechtenstein, March 12, 2009, accessed on July 17, 2019 .
  7. ↑ Press release from the Federal Ministry of Finance on the tax agreement between Germany and Liechtenstein. (No longer available online.) Www.bundesfinanzministerium.de, September 29, 2010, archived from the original on October 9, 2010 ; accessed on December 11, 2010 (official website of the Federal Ministry of Finance). Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.bundesfinanzministerium.de
  8. ↑ http://www.ftd.de/politik/deutschland/:Steueraff%E4re_Liechtenstein_Fahnder_entdecke_1_850_Geheimkonten/393445.html ( Memento from September 4, 2012 in the web archive archive.today )
  9. ↑ Expert jury selects LLB's remuneration policy in first place ( memento of the original from March 27, 2017 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. Llb.li , accessed March 26, 2017 @1@ 2Template: Webachiv / IABot / www.llb.li
  10. ↑ Expert jury selects the Liechtensteinische Landesbank AG wage model developed by FehrAdvice from fehradvice.com , accessed on March 26, 2017
  11. ↑ SFS receives award for honor Tagblatt.ch , accessed on March 26, 2017
  12. ↑ Expert jury selects LLB's remuneration policy in first place ( memento of the original from March 27, 2017 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. Llb.li , accessed on May 27, 2017 @1@ 2Template: Webachiv / IABot / www.llb.li

Coordinates: 47 ° 8 '17.6 "  N , 9 ° 31' 20.4"  E ; CH1903:  758053  /  222903