Bank Linth LLB AG achieves important milestone in group-wide IT project
Vaduz, Uznach, 12 January 2010. The Liechtensteinische Landesbank Group is introducing a uniform IT platform based on the Avaloq banking software. At the turn of the year as planned, Bank Linth LLB AG, which has been using Avaloq since 2004, was the first of the participating banks to migrate to release 2.7. The parent bank of the LLB Group in Vaduz and LLB (Switzerland) will introduce the new system the beginning of 2011. The common platform will allow the LLB Group to take greater advantage of synergies.
"One year ago, we set the course for the future by beginning the introduction of a uniform IT platform based on the 'Avaloq' core banking system. While the group-wide launch of Avaloq 3.1 will be the beginning of 2011, we took an important step toward common banking software with the smooth introduction of release 2.7 at Bank Linth LLB AG the beginning of 2010," said Dr. Kurt Mäder, Member of the Board of Management of the LLB Group and Chairman of the Project Steering Committee.
Setting the course for the future
The decision to move from proprietary software to a standard solution adapted to the needs of the participating banks is part of the long-term orientation of the LLB Group's growth strategy. Since Bank Linth LLB AG was already successfully using an earlier version of 'Avaloq', the new common IT platform is also based on this Swiss banking software.
"In addition to strategic and organisational advantages, we decided to introduce a uniform platform especially also due to the synergies it makes possible," Dr. Kurt Mäder says. Accordingly, operational processes were reviewed over the course of the project.
The introduction of the new banking software is the largest IT project in the LLB Group so far. A total of approximately 340 people are involved; the main project partners are Avaloq Evolution AG and Monex AG of Liechtenstein.
| Brief portrait The Liechtensteinische Landesbank AG (LLB) is the longest established financial institute in the Principality of Liechtenstein. The Principality of Liechtenstein holds the majority of the company's share capital. The LLB's shares are listed on the SIX Swiss Exchange (symbol: LLB). The LLB Group offers its clients comprehensive wealth management services: as a universal bank, in Private Banking, Asset Management, Fund Services and Trust Services. With 1,024 employees, the LLB is represented in Liechtenstein, Switzerland, Austria, the United Arab Emirates (Abu Dhabi and Dubai), the Cayman Islands and Hong Kong. As per 30 June 2009, the LLB Group managed client assets totalling CHF 47.6 billion. |
