Closure of LLB (Switzerland) Ltd. Vaduz, 3 January 2014. The LLB Group has
terminated Liechtensteinische Landesbank (Switzerland) Ltd.'s banking
activities effective as of the end of 2013, as announced in March 2013. The
sale of the Lugano branch to PKB Privatbank SA has also been completed. The
Geneva and Erlenbach locations will now be run as representative offices of
LLB AG, Vaduz.
According to Roland Matt, Group CEO, "The closure of LLB (Switzerland) Ltd.
and the sale of the Lugano branch mark important milestones in the
implementation of our Focus2015 strategy. The successful completion of these
complex strategic initiatives underscores the consistency of the LLB Group's
focus on and orientation towards clearly defined markets and client segments."
Banking activities terminated
In March 2013, the LLB Group announced that it was closing its Swiss banking
subsidiary LLB (Switzerland) Ltd. in the context of the new strategy and
economic considerations. Following intensive preparations over the past few
months, LLB (Switzerland) Ltd. terminated its banking activities effective as
of the end of 2013. A successor company, LLB Verwaltung (Schweiz) AG, was
founded which is responsible for the final settlement, subject to supervision
by the Swiss Financial Market Supervisory Authority FINMA. The premises at the
Stampfenbachstrasse in Zurich were sold.
Lugano sale completed
The sale of the Lugano branch to PKB Privatbank SA was also completed
effective as of the end of 2013. With this, a significant part of LLB
(Switzerland) Ltd.'s business volume of about CHF 2 billion, as well as all 26
employees, will transfer to PKB.
In total, the closure of LLB (Switzerland) Ltd. together with the sale of the
Lugano branch lead to a net new money outflow of approximately CHF 2.5 billion
in 2013, as expected.
The Geneva and Erlenbach locations will now be run as representative offices
of LLB Ltd., Vaduz, focusing on clients from the Central and Eastern European
*Tuesday, 25 March 2014, 2013 annual results
*Friday, 9 May 2014, 22nd General Meeting of Shareholders
The Liechtensteinische Landesbank AG (LLB) is the longest established
financial institute in the Principality of Liechtenstein. The Principality of
Liechtenstein holds the majority of the company's share capital. The LLB's
shares are listed on the SIX Swiss Exchange (symbol: LLB). The LLB Group
offers its clients comprehensive wealth management services, as a universal
bank, in private banking, asset management and fund services. With around 920
employees (full-time equivalents), the LLB is represented in Liechtenstein,
Switzerland, Austria, and in the United Arab Emirates (Abu Dhabi and Dubai).
As per 30 June 2013, the LLB Group managed client assets totalling CHF 50.5
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