LGT celebrates centenary
The private bank LGT owned by the Princely House of Liechtenstein is celebrating an anniversary. On the occasion of the Vaduz-based financial institute’s 100th birthday, the family is inviting people to a variety of celebrations and activities. A press release states that as such, depending on the events of the pandemic, it will host a festival with local and international musicians in Liechtenstein on September 11th. Additionally, there will be a special exhibition of the royal collection in Vienna, an official celebration for invited guests in June, and various activities for clients, partners, and employees.
LGT is looking back on an eventful 100 years of history. It started after the First World War under the name “Bank in Liechtenstein” with headquarters in the government buildings in Vaduz. Since the country’s economy had been hit hard after the war, the government of Liechtenstein wanted to help it to its feet and introduce its own currency, according to the press release.
As a national bank, the Bank in Liechtenstein was to take this on. In the end, the country was too small for this. However, the financial institute started to operate: in May 1921 it had ten employees.
When the global economic crisis hit the principality hard in 1929 and the shareholders of the Bank in Liechtenstein encountered financial difficulties, sale to a German financial and industrial society was a possibility. In order to prevent sale to another country, Head of State Prince Franz I. and the Princely Family took on the majority of the shares in 1930.
Since then, LGT has expanded considerably internationally and is represented in 15 countries across four continents. Today, it is one of the leading providers of investment solutions for private clients and according to the press release has not recorded any losses since it was first established.