LLB (Österreich) AG completes migration to the LLB Group core banking system
Vaduz / Vienna, 7 January 2020. The LLB Group has taken another stride forward in implementing its StepUp2020 strategy, which targets sustained profitable growth. Its Vienna-based subsidiary bank, Liechtensteinische Landesbank (Österreich) AG, completed the move to the Avaloq core banking software at the beginning of 2020. This will create further synergies and offers potential for expansion when it comes to joint solutions and client packages within the LLB Group.
Liechtensteinische Landesbank AG and Bank Linth LLB AG have been using Avaloq as their core banking system software for a number of years. Only the Group's subsidiary bank in Vienna, Liechtensteinische Landesbank (Österreich) AG, used a separate software solution in the past. Following the successful migration process at the beginning of this year, all banks within the Group now use the same core banking solution.
"With this switch to the Avaloq Banking Suite software and our simultaneous launch of the cutting-edge LLB Portfolio Analysis portfolio information system, our clients will reap the full benefits of the LLB Group's digitalisation initiative," says Robert Löw, CEO of LLB (Österreich) AG. "In the future, we will also be able to offer our clients products and services from our parent company, such as online and mobile banking, and our innovative investment advisory and asset management solution, LLB Invest."
Patrick Fürer, COO of the LLB Group, adds: "I am very proud of what our employees have achieved. Over the past year, they have worked flat out to ensure that LLB (Österreich) AG was able to complete its migration to our Avaloq core banking system right on schedule at the beginning of 2020. With the same core banking software in use across the Group, we are making good progress as we automate our processes. We are also making use of significant synergies by centralising our execution processes and, thanks to the wide range of new investment solutions, we are also increasing the added value to clients of LLB (Österreich) AG."
Brief portraits LLB / LLB Österreich
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 (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 1'092 employees (full-time equivalent positions), the LLB Group is represented in Liechtenstein, Switzerland, Austria, and the United Arab Emirates (Abu Dhabi and Dubai). As per 30 June 2019, the LLB Group managed a business volume of CHF 85.6 billion.
With assets under management of over EUR 22 billion and over 230 employees (as at 30 June 2019),Liechtensteinische Landesbank (Österreich) AG is Austria's leading asset management bank. The independent, fully licenced Austrian bank also is active in countries across of Central and Eastern Europe, as well as in Italy and Germany. As a wholly-owned subsidiary of Liechten-steinische Landesbank AG (LLB), Vaduz, LLB (Österreich) AG is able to take advantage of the stability and exemplary credit rating of its owner, and to build on more than 150 years of experience at the longest-established financial institution in the Principality of Liechtenstein. Alongside Liechtenstein and Switzerland, Austria has been one of the LLB Group's three declared home markets since 2009.
- 25 August 2020, 2020 Interim Financial Statement
Liechtensteinische Landesbank AG
Dr. Cyrill Sele
Head of Group Corporate Communications & General Secretary
Telephone +423 236 82 09
Fax +423 236 87 71
Head of Marketing & Communications
Telephone +43 1 536 16-222