10 Important changes since the balance sheet date
At the 30th ordinary General Meeting of Shareholders on 6 May 2022, Patrizia Holenstein will reach the legally stipulated term of office limit and step down from the Board of Directors. The Board of Directors proposes Leila Frick-Marxer for election as a new member of the Board of Directors for a three-year term of office, and Karl Sevelda for re-election as a member of the Board of Directors for a three-year term of office.
On 27 October 2021, the LLB Group announced its new ACT-26 strategy (see chapter “ACT-26”). Starting from 1 January 2022, the LLB Group began rigorously implementing the strategic goals of ACT-26 in the organisation. The strategy focuses on clients and technological transformation. The LLB Group will now comprise five divisions instead of six. Furthermore, in going forward, the LLB Group will have two clearly positioned market divisions, namely the Private and Corporate Clients, and the International Wealth Management Division. The Private and Corporate Clients Division takes care of locally orientated private banking clients (in Liechtenstein, Switzerland and Germany), as well as corporate and private clients in Liechtenstein and Switzerland. The International Wealth Management Division focuses on Austrian and international private banking clients, as well as institutional and investment fund clients. To advance LLB’s strategic ambitions of becoming an efficient, digital and innovative banking group, the necessary change capacities and skills will now be pooled in what was previously the Group COO Division. It will now be renamed the Group CDO (Chief Digital & Operating Officer) Division, and a new Group Digital Transformation business area will be created.
From 1 January 2022, the new organisational structure and composition of Group Executive Management will be as follows:
- Group CEO: Dr. Gabriel Brenna
- Retail and Corporate Banking: Urs Müller
- International Wealth Management: Natalie Flatz
- Group CDO: Dr. Patrick Fürer
- Group CFO: Christoph Reich
Moreover, the Board of Directors has named Christoph Reich Deputy Group CEO as of 1 January 2022. Urs Müller, who has held this position since 1 July 2012, will be focussing on the strategic further development of the Retail and Corporate Banking Market Division.
In an advance announcement on 27 January 2022, LLB announced its intention of increasing its share stake in its subsidiary Bank Linth LLB AG to 100 per cent. It is offering the shareholders of Bank Linth an attractive premium and a free choice of either a partial exchange offer in LLB shares with a cash component, or a complete cash settlement. The Boards of Directors of LLB and Bank Linth have jointly reached the conclusion that Bank Linth should be delisted from the SIX Exchange.