With several offices up and running, the private bank is now focusing on expanding its headquarters in Munich and its work in southern Germany.

LGT Private Banking announced yesterday that it has opened its new German office in Frankfurt, coinciding with rival Liechtenstein-based LLB (aka Liechtensteinische Landesbank) unveiling its wider presence in Europe’s largest economy. 

Separately, the lender said its next aim is to expand its headquarters in Munich and southern Germany.

The bank opened its first office in Hamburg in the autumn of 2022 and more offices in Düsseldorf and Cologne at the beginning of January this year.

The arrival of LGT into the German private banking sector highlights how competitive this market remains. Several of its lenders, such as Berenberg, date back centuries, while the country’s biggest bank, Deutsche Bank, is a familiar presence in the wealth and private banking space. 

Some hundreds of single-family offices (exact figures aren’t easy to obtain) exist and the country has a large onshore market for HNW individuals. Much wealth is tied to Germany’s Mittelstand business sector – often family-owned firms wrestling with generational transfer.

“Frankfurt is one of Europe’s leading financial centres. This makes it attractive for both financial institutions, and high net worth and discerning private banking clients. We see strong potential for LGT in this location,” Florian Dürselen, member of the executive board of LGT Bank, said.

LGT’s German subsidiary is headed by Florian Dürselen, who is an executive board member. Andreas Loretz, who has been responsible for the German and Austrian markets at LGT Bank, is responsible for the operational management of the client business. 

One of the mid-tier private banking players, LGT managed assets of $305.8 billion ($341.8 billion) for individuals and institutional clients. In total, it operates from more than 25 locations in Europe, the Middle East, Australia and the Americas, with more than 5,000 people on the payroll.