Liechtenstein Bank In Tax Controversy Gets High Marks For Service

Tom Burroughes

1 October 2008

A European private bank at the centre of an international tax-evasion case has been ranked third out of 26 European wealth management firms for the quality of its service to clients, according to a survey by the German Institute For Service Quality.

LGT, based in Liechtenstein, has been embroiled in controversy after a former employee of the Alpine bank stole records of clients, which have been used by European tax authorities, such as those of Germany, to chase alleged tax dodgers. LGT has denied any wrongdoing.

Top of the German institute’s list for quality, meanwhile, was the private bank Fuerst Fugger, with Hamburger Sparkasse in second place, followed by LGT.

The best wealth advisors were chosen according to their advice and the resulting investments.

Behind LGT in third, in descending order of rankings, are the following banks in the top eight of the survey: HSBC Trinkaus & Burckhard; Weberbank; Hauck & Aufhauser; Bremer Landesbank and Credit Suisse Deutscheland.

The institute also ranked banks including: Bank Sarasin; Vontobel; BHF-Bank; Sal Oppenheim; UBS; Flossbach & von Storch; Bankhause Lampe and Nassauische Sparkasse.