LLB General Meeting 2021

Vaduz, 7 May 2021. On account of the coronavirus pandemic, the 29th Ordinary General Meeting of Shareholders of Liechtensteinische Landesbank AG (LLB) was again held without the attendance of shareholders in person. 3'024 shareholders exercised their voting rights in writing or electronically and approved all proposals of the Board of Directors with a large majority.

Shareholders approve all proposals

On account of the coronavirus pandemic, this year's General Meeting was limited to the legally required agenda items. The voting participation of shareholders, who cast their votes in writing or electronically, was very high, representing 76.9 % of the share capital. The vote count resulted in clear approval of all the proposals of the Board of Directors.

Elections at the General Meeting

The General Meeting re-elected Georg Wohlwend as Chairman of the Board of Directors for a term of office of three years. Shareholders confirmed Members of the Board of Directors Thomas Russenberger and Richard Senti for a second term of office of three years.

Shareholders appointed KPMG (Liechtenstein), Vaduz, as the new external auditors for a period of one year. Over the past 20 years, PricewaterhouseCoopers served in this function. On grounds of corporate governance and with a view to anticipated introduction of the principle of rotation, the Board of Directors proposed this change to the General Meeting. The General Meeting granted official discharge to the Board of Directors, the Executive Board, and the external auditors.

Dividend of CHF 2.20 per registered share

The shareholders approved the 2020 annual reports and financial statements of LLB AG, Vaduz, and the LLB Group. They voted in favour of the distribution of the balance sheet profit for 2020 proposed by the Board of Directors and resolved to pay out a dividend of CHF 2.20, the same as in the previous year. The decision was based on the long-term, prudent dividend policy defined by the Board of Directors.

Solid 2020 business year

"With a net profit of CHF 109.8 million in 2020, we generated profitable growth even during the pandemic year and achieved a solid business result," says Group CEO Gabriel Brenna. The business volume of the LLB Group rose by 4.0% to CHF 92.9 billion in 2020, reaching a new record. With net new money inflows in all three market segments totalling CHF 3.3 billion (2019: CHF 4.1 billion), the LLB's growth momentum was confirmed. Assets under management reached a volume of CHF 79.7 billion by the end of the 2020 business year, 4.4% more than in the previous year and also a new record. Loans to customers rose by 2.1% to CHF 13.2 billion. In the LLB's mortgage business, growth was about CHF 410 million, corresponding to 3.6%. The LLB Group's growth was thus greater than that of the market.

Outlook 2021

The LLB Group started the year 2021 successfully and can look back on a good first quarter. Also in 2021, the LLB Group's focus will be on profitable growth and cost discipline. "Our diversified business model, our proven strategy, and our strong capital base offer an excellent foundation for our Group to achieve solid profit this year as well. Thanks to our deal with Credit Suisse to refer private banking clients in Austria, we have already scored an important success this year in terms of achieving sustainably profitable growth," says Group CEO Gabriel Brenna. "I would like to thank our employees for their outstanding level of dedication and their flexibility in this challenging environment."

New corporate strategy in the autumn

A special priority in 2021 will be the development of the new corporate strategy. In light of the many uncertainties, the Board of Directors last year decided to extend the proven strategy StepUp2020 for a year longer than originally planned. "The pandemic year has shown that the LLB Group's business model is broadly based and crisis-resistant. Our strategic orientation has proven its worth. Our decision to maintain our StepUp2020 strategy and extend it by a year has turned out to be correct," says Vice Chairwoman Gabriela Nagel-Jungo. "We have begun developing the successor strategy to StepUp2020. We are already looking forward to presenting it at the end of October 2021."

The joint video message of Vice Chairwoman of the Board of Directors Gabriela Nagel-Jungo and Group CEO Gabriel Brenna to the General Meeting of Shareholders can be viewed at www.llb.li/generalmeeting