LLB Verwaltung (Switzerland) Ltd. comes to agreement with US authorities
Vaduz, 5 August 2019. LLB Verwaltung (Switzerland) Ltd. has reached a settlement with the US authorities regarding the US business of the former Liechtensteinische Landesbank (Switzerland) Ltd. The agreement includes a payment of USD 10.7 million, which is covered by provisions.
LLB Verwaltung (Switzerland) Ltd. is the successor company to Liechtensteinische Landesbank (Switzerland) Ltd., which ceased its banking operations as of the end of 2013. The company has reached a conclusive, out-of-court settlement with the US Department of Justice and signed a non-prosecution agreement. The payment of USD 10.7 million is fully covered by provisions and will have no effect on the ongoing results of the LLB Group.
Liechtensteinische Landesbank AG (LLB) is the longest established financial institute in the Principality of Liechtenstein. The majority of the company's share capital is held by the Principality of Liechtenstein. LLB's shares are listed on the SIX Swiss Exchange (symbol: LLBN). The LLB Group offers its clients comprehensive wealth management services, as a universal bank, in private banking, asset management and fund services. With 1'077 employees (full-time equivalent positions), LLB is represented in Liechtenstein, Switzerland, Austria and the United Arab Emirates (Abu Dhabi and Dubai). As per 31 December 2019, the business volume of the LLB Group stood at CHF 89.3 billion.
- 25 August 2020, 2020 Interim Financial Statement
Dr. Cyrill Sele
Head of Group Corporate Communications & General Secretary
Telephone +423 236 80 99