Liechtensteinische Landesbank, one of Liechtenstein’s three major private banks, has opened an office in Lugano. The bank has staffed the ne...

Liechtensteinische Landesbank, one of Liechtenstein’s three major private banks, has opened an office in Lugano. The bank has staffed the new office with a team from Banca del Gottardo, according to sources close to the bank. No further details are so far available on the Lugano expansion. LLB, which last week announced its 2005 results, said it plans to expand in Switzerland and extend its network in eastern Europe and India. The bank also plans to grow in the Middle East from its recently opened office in Dubai. The bank said its operating profit rose 55 per cent in 2005 to SFr231.4 million ($176.7 million). Assets under management at the bank rose 37 per cent to Sfr44.8 billion, although net new money rose SFr1.5 billion - the rest of the rise was generated by investment performance and acquisitions.