August 28, 2016 5:24 PM ET

Banks

Company Overview of Luzerner Kantonalbank AG

Company Overview

Luzerner Kantonalbank AG provides banking products and services in Switzerland and internationally. It offers portfolio management, investment advice, and securities trading services, as well as derivatives; lombard loans, documentary credit, and collections and guarantees; advice and support in the executorship of wills and administration of estates; and payments services. The company also engages in the formation and administration of establishments, anstalts, and trusts. It operates through 26 branches. The company was formerly known as Kantonale Spar-und Leihkasse and changed its name to Luzerner Kantonalbank AG in 1892. Luzerner Kantonalbank AG was founded in 1850 and is based in Lucern...

Pilatusstrasse 12

Lucerne,  6003

Switzerland

Founded in 1850

943.4 Employees

Phone:

41 844 822 811

Fax:

41 41 206 20 90

Key Executives for Luzerner Kantonalbank AG

Luzerner Kantonalbank AG does not have any Key Executives recorded.

Luzerner Kantonalbank AG Key Developments

Luzerner Kantonalbank AG Reports Earnings Results for the Six Months Ended June 2016

Luzerner Kantonalbank AG reported earnings results for the six months ended June 2016. For the period, the company's net income of CHF 89.1 million.

Luzerner Kantonalbank AG, Habib Bank AG Zurich, Banque Heritage (Suisse) SA and Hyposwiss Private Bank Genève SA Reach Resolutions with The U.S. Department of Justice Under Tax Program

The U.S. Department of Justice announced on Oct. 29 that it reached resolutions with Luzerner Kantonalbank AG, Habib Bank AG Zürich, Banque Heritage (Suisse) SA and Hyposwiss Private Bank Genève SA under a program designed to eliminate Swiss bank secrecy and hold accountable financial institutions that helped American clients evade taxes. Under the agreements, the banks will continue to cooperate with the department in any related criminal or civil proceedings. They agreed to demonstrate the implementation of controls to stop misconduct involving undeclared U.S. accounts. The U.S. DOJ said Luzerner Kantonalbank, which will pay a penalty of about $11.0 million, offered a variety of traditional Swiss banking services that it knew could help U.S. clients conceal assets from tax authorities in their homeland. The bank since Aug. 1, 2008, held a total of 595 U.S.-related accounts, which amounted to approximately $300 million. Habib Bank agreed to pay $9.4 million. It allegedly permitted certain U.S. clients to transfer funds to accounts held at its other branches and subsidiaries. Banque Heritage agreed to pay about $3.8 million of penalties while Hyposwiss will pay a fine of approximately $1.1 million.

Luzerner Kantonalbank Reports Earnings Results for the First Half Ended June 30, 2015

Luzerner Kantonalbank reported earnings results for the first half ended June 30, 2015. For the first half of 2015, its net profit dropped 3.4%, due to the continuous low interest rates. Net profit amounted to CHF 91.4 million. Net interest income fell 6.6% to CHF 148.3 million, while net commission income rose 1.7% to CHF 42.8 million.

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