LLB Raises Switzerland Ambitions

Tom Burroughes Group Editor 4 May 2023

LLB Raises Switzerland Ambitions

The Liechtenstein-headquartered group said it intends to open new locations in St Gallan and Zurich.

Bank Linth, which was fully taken over by Liechtensteinische Landesbank in January, now comes fully under the LLB business brand as the group raises its Swiss business profile, opening new offices in Zurich and St Gallen. 

From 1 July this year, the LLB Group will open under the LLB brand. 

“After the complete takeover by the LLB Group and the delisting from the SIX Swiss Exchange, expanding Bank Linth's activities in the Swiss market is the next logical step,” LLB said.

LLB, which embarked on a new strategy in January 2022, wants to focus on accelerating its growth, and via approaches such as digital technology, be a more “customer-oriented, efficient and sustainable” business. LLB reported a rise in group profit for 2022 (as reported here).

“LLB has also reaffirmed the importance of Bank Linth as a key pillar within the group in connection with the ACT-26 strategy. It is the aim of the strategy to consistently exploit and further expand existing synergy and growth potential. The LLB Group sees further growth opportunities for the Swiss market,” LLB said in a statement this week.

“New locations are also planned to be opened in Zurich and St Gallen as part of the strategic development,” LLB said. These locations offer “attractive opportunities for the private banking, corporate clients and EAM business segments and ideally complement the existing branch network in the Bank Linth market areas,” it said. 

Organisational changes
David Sarasin, CEO of Bank Linth, has decided to pursue a new career path after more than 20 years on the bank's board, 10 of which were as CEO. 

“As far as I am concerned, this is the right time to turn over a new leaf professionally and place the implementation of the strategy in new hands,” he said in a statement. To ensure continuity and an orderly transition, David Sarasin will continue to oversee the strategic development until the end of the year. 

The existing organisation of Bank Linth will be adapted accordingly from 1 July 2023. The board of management will continue to have three members.

The CEO position now also includes market responsibility with a focus on the further development of the private banking and EAM business. LLB has started to look for a successor to Sarasin.

Responsibility for the corporate and direct client business will pass to Manfred Pfammatter from 1 July, subject to FINMA approval. He, in turn, will become a member of the board of management. Manfred Pfammatter, who has been with the LLB Group since 2013, will still be responsible for the group's corporate client business. 

The function of the CFO – responsibility for finance, legal and compliance, risk management and credit management – will continue to be performed by Martin Kaindl.

Under the reorganisation, all companies, Liechtensteinische Landesbank AG, Bank Linth and Liechtensteinische Landesbank (Österreich) AG, will operate under the shared LLB brand. 

The company will announce details of the LLB Group's new brand identity in September, it said.

In the words of Gabriel Brenna, Group CEO: “Bank Linth enjoys a high level of trust among its clients. This is the ideal starting point for further growth beyond the current market area. Along with the new strategy for the Swiss market and the integration of the LLB Group's brand identity, the importance of Switzerland for the LLB Group is once again clearly underlined.”

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