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LLB Group announces Germany growth plans

24 Aug 2023
Vaduz - The LLB Group is planning to open three locations in Germany next year. In so doing, the bank is responding to increased demand from German customers. The banking group recorded double-digit growth for both operating income and profit in the first half of 2023.

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Next year, the LLB Group is planning to open branches in Frankfurt, Düsseldorf und Munich. «In recent years, we have noted a sharp increase in demand from German clients», explains Group CEO Gabriel Brenna in a press release issued by the banking group, which is majority owned by the Principality of Liechtenstein. «They appreciate the stability and security, as well as the quality of Liechtensteinische Landesbank», Brenna adds. In order to unlock further potential, the LLB Group is keen to maintain a local presence close to its customers.

In the same press release, the banking group also reported on its figures for the first half of 2023. Accordingly, operating income was up +10.5 percent year on year to 267.2 million Swiss francs, while at the same time Group net profit increased by +16.8 percent to stand at 88.7 million Swiss francs overall. As a result, the LLB Group has posted its best half-year results for more than a decade, the press release states.

In the reporting period, the banking group recorded net new money inflows of 805.6 million Swiss francs. At 87.4 billion Swiss francs as at the end of the first six months of the year, client assets under management at the LLB Group were up by 3.5 billion Swiss francs versus year-end 2022.

«We are very satisfied with the success of our first half year», comments Georg Wohlwend, Chairman of the Board of Directors of the LLB Group, in the press release, before adding: «This shows that, both operatively as well as strategically, we are correctly positioned and focused».