Liechtenstein's LGT Bank has been granted a full banking licence by the Hong Kong Monetary Authority for what is to become its second booking platform in Asia.

LGT opened its first representative office in Hong Kong in 1986, followed by Tokyo in 1996, and Singapore in 2001, which it then upgraded to a merchant bank licence in 2003. The company has also maintained a Securities and Futures Commission licence in Hong Kong for an investment management venture.

"In view of the significance of the Hong Kong market, as well as capitalising on Hong Kong as a first-class international financial centre, the local banking licence will allow LGT to offer discerning private and institutional clients an alternative booking centre, as well as an enhanced local platform," the firm said in a statement.

"One in every five private clients of LGT originates from Asia," LGT added.

LGT Group is a wealth and asset management firm domiciled in Vaduz, Liechtenstein and is represented at 29 locations in Europe, Asia, and the Middle East. As of 31 December 2010, the company has SFr86.1 billion in assets under management.