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LLB Annual Report 2022 de

Retail & Corporate Banking

Information checkedInformation unaudited Information geprüft Information ungeprüft Retail & Corporate Banking 

Liechtensteinische Landesbank and Bank Linth maintain close business relations with their retail and corporate clients in Liechtenstein and Switzerland. As a universal bank offering private banking in all its domestic markets, the LLB Group counts on its personal advisory services and excellent investment competence. As a modern bank, it also promotes digital Innovation.

Universal bank offering private banking

The LLB Group has set itself the goal of being the clear leader in Liechtenstein and the adjacent region. This objective will form the basis of the operating guidelines of the new “Retail and Corporate Banking” division, enlarged in line with the ACT-26 corporate strategy. Over the next five years, we want to continue on our growth trajectory, improve efficiency and continue on the path to climate neutrality. To enable us to bundle our resources and exploit synergies, the client segments “Retail and Corporate Banking” and “Private Banking” in Liechtenstein and the region, were amalgamated in 2022. This has considerably improved the enlarged division’s closeness to clients.

In enhancing its clients’ banking experience, the LLB Group foresees broad potential to attain five objectives:

  • Strengthening of private banking in the domestic markets of Liechtenstein, Switzerland and Austria;
  • Growth of private banking in Germany;
  • Intensification of business with corporate clients in Liechtenstein and Switzerland;
  • Scaling up of syndicated lending business;
  • Expansion of the digital offering for retail clients and enlargement of the advisory centre.

Regionally anchored

Founded in 1861, Liechtensteinische Landesbank (LLB), with its headquarters in Vaduz, is the longest established financial institute and largest universal bank in Liechtenstein. For many years, it has been the market leader in retail and corporate banking while at the same time fulfilling an important economic function. It is the only bank in the country with three branches and an extensive network of 19 cash machines for all bank transactions. LLB is regarded as the Liechtensteiners’ bank; many clients are also LLB shareholders (see chapter “Economic value creation”).

Bank Linth (BLL), founded in 1848, with headquarters in Uznach, can also look back on a long tradition. It has strong ties to the Linth and upper Lake Zurich regions of Switzerland. Since the end of 2022, it has been wholly owned by LLB; on 28 December 2022, all BLL shares were delisted from the SIX Swiss Exchange. This will enable Bank Linth, as a retail bank, to focus even more intensively on its retail and corporate clients and their requirements. As is the case at LLB, the client advisers at Bank Linth live in the market region and are trusted by local people and businesses (see chapter “Employees”).

Bank branch and ATM network

LLB is the only bank having a business presence throughout Liechtenstein:

at its headquarters in Vaduz
at 2 bank branches (Balzers and Eschen)
at 19 ATM locations

Bank Linth LLB is the largest regional bank in eastern Switzerland, with a business presence:

at its headquarters in Uznach
at 17 branches in the six Swiss regions of the Linth district, Lake Zurich, Ausserschwyz, Sarganserland, Winterthur and Thurgau
at 23 ATM locations

Closeness to clients

In 2022, the LLB Group set up a dedicated Corporate Clients Business Area, responsible for Liechtenstein and Switzerland. The LLB and BLL bank branches, and their advisory centres, are integrated in the Retail Clients Business Area. The focus of the “Retail and Corporate Banking” division is squarely on the domestic markets of Liechtenstein, Switzerland and Austria, as well as the traditional cross-border markets of Germany and Italy.

Banking for retail and corporate clients comprises the deposits and financing business in the domestic markets of Liechtenstein and Switzerland. However, LLB is also the bank of choice for many cross-border workers from the neighbouring Austrian province of Vorarlberg. As the banking partners for small and medium-sized enterprises (SMEs), LLB and BLL are traditionally well thought of in Liechtenstein and eastern Switzerland. In local, regional and international private banking, the LLB Group convinces with its stability and security. Our clients have confidence in our extensive experience, in the quality of our services and in the good investment performance of our asset managers.

Reliable partners for business

2022 was a year, in which the economy had to struggle with supply chain problems, a shortage of skilled labour, inflation and high energy prices. The war in Ukraine hampered the recovery from the Covid-19 pandemic. Precisely in such challenging times, the LLB’s support for small and medium-sized businesses is especially appreciated. Since 2016, we have been collaborating with the Liechtenstein Chamber of Commerce; another example of our strong sense of responsibility for the local economy. We offer all members of the Chamber preferential conditions with foreign exchange transactions and favoured status for our “SME-box” basic product.

Together with the Chamber of Commerce we launched the “LLB SME Award” in 2018 to promote the quality of the Principality of Liechtenstein as a centre for business. The LLB sponsors the award to honour companies, which, as pioneers, help to shape the future of Liechtenstein. The “SME of the Year” and the “Newcomer of the Year” awards will be presented the next time in 2024 at the Liechtenstein Industry, Trade and Commerce Exhibition in Schaan (LIHGA).

Products and services

In Liechtenstein, LLB is the leading bank in retail and corporate banking. For wealthy private clients the bank is an established name in the three domestic markets, and in the German private banking market it is increasingly in demand. LLB is distinguished by its professional competence; it creates genuine benefits with its products and services and enjoys an excellent reputation among members of business community, society and institutions. Part of its success is certainly attributable to it being one of the most secure, best capitalised, universal banks in the world (see chapter “Finance and risk management”). Bank Linth is the largest regional bank in eastern Switzerland and is represented in the six Swiss regions of the Linth area, Lake Zurich, Ausserschwyz, Sarganserland, Winterthur and Thurgau.

LLB is a bank that lives its values. Our employees stand by their word, they uphold our values of integrity and of respectfulness for others. They set standards of excellence in their work and in their passion for what they do, and they participate in shaping the future in a pioneering and sustainable manner (see chapter “Values and corporate management”).

Payments and savings

In payment transfers and account management business, LLB is the acknowledged leader in Liechtenstein. Practically every resident has an account at the Landesbank. “LLB Combi” and “Bank Linth Combi” offer a whole range of account options, various payment transfer possibilities and supplementary services. An interactive online configurator helps our retail and corporate clients to design their own individual banking relationship themselves according to their wishes and needs. It also reveals the cost of every module to provide full transparency.

Investing / Private banking

LLB offers broadly based, individual investment advisory and asset management services of the highest quality to its retail and corporate clients and its private banking clientele. The investment proposals put forward in strategic investment advisory and asset management discussions are based on the expertise of the LLB Asset Management team. These specialists possess extensive experience in the management of assets for private and institutional clients. Our innovative “LLB Invest” advisory models provide practical investment solutions based on investors’ requirements, as well as fair and transparent pricing. Close, personal support is provided with “LLB Basic”, and with “LLB Comfort” we comprehensively administer and optimise your assets. The “LLB Consult” and “LLB Expert” models offer active investment advisory.

Furthermore, our clients benefit from LLB’s extensive range of investment funds and its award-winning performance. All LLB funds are free of retrocessions and are among the most inexpensive actively managed investment funds in Europe. Based on the LLB’s fund universe, the “LLB Investment Plan” and the “LLB Fund Savings Plan” have proven to be attractive possibilities for the systematic appreciation of assets in recent years.

Sustainable investing

Since 1 August 2022, the investment advisory and asset management products and services of the LLB Group have been fully aligned with sustainability criteria. New funds with the focus on climate protection – so-called impact funds – have been added to our extensive product range. Furthermore, at the end of July 2022, we launched our “wiLLBe” app, the first purely digital asset management for sustainable investments. This simple, professional and inexpensive app offers our clients in Liechtenstein, Switzerland and Germany the possibility, from a starting sum of only CHF or EUR 2'000.–, not only to generate returns, but also to make a contribution to a better world. “wiLLBe” enables investments to be made in seven selected areas, which are aligned with the seventeen UN objectives for sustainable development (UN SDGs). By making a donation, investors can also directly support selected non-profit organisations (see chapter “Sustainability in banking”).

For individual portfolios, in addition to financial key figures, “wiLLBe” also supplies sustainability data such as global temperature increases, CO2  emissions and energy consumption, thus making visible what measurable impact the investments are having.

Financing / Loans and mortgages

Lending business is an important activity for LLB. We pursue a prudent lending policy focused on affordability and creditworthiness (see chapter “Finance and risk management”). With a market share of 50 per cent, LLB is the leader in providing mortgages and construction loans in Liechtenstein. We offer individual financing possibilities in the form of flexible and transparent models: ranging from the variable basis mortgage to the money market flexible or fixed-rate mortgage. These instruments enable LLB and Bank Linth to support environmentally friendly construction in Liechtenstein and Switzerland. A Lombard loan (current account, fixed advance) also provides a flexible financing solution for retail and corporate clients and for comprehensive asset planning.

Retirement and financial planning

We advise our clients not only in relation to all financing and investment issues, but also go a step further by supporting retail clients and companies in all aspects of their life and business cycles. In our 360-degree consultancy packages “LLB Compass” and “Bank Linth Compass”, we focus on the future and such issues as assets, real estate, financing facilities, risk provisioning, taxation and pension systems. Accordingly, we are ready to advise and support companies in Liechtenstein and Switzerland from the date they are founded up to the signing of the owner’s succession agreement.

Corporate clients / SMEs

The provision of individual service and advice to corporate clients in all financial and banking matters has a long tradition at LLB and Bank Linth. With a market share of over 70 per cent, LLB is the market leader in Liechtenstein; Bank Linth is one of the largest providers in eastern Switzerland. Our care and service concept is based on the life cycle approach, in line with which we cover the whole of life cycle with a broad range of products and services adapted to suit the individual case from the founding of the company, the build-up phase through to the development and maturity phase, up to succession and estate planning. Companies and entrepreneurs especially appreciate our close attention and innovative flair.

As the leading universal bank in Liechtenstein and the adjacent region, we offer companies medium-light, medium and large basic product packages in the form of our “SME-Box”. All the packages come with transparent benefits and conditions. They are supplemented by the “SME-Menu”, which provides a range of services in five areas; accounts and payments, investing, financing, retirement and succession as well as additional services. We can also offer a comprehensive service in relation to the processing of financial transactions at home and abroad. Small and medium-sized companies also benefit from LLB and Bank Linth’s made-to-measure solutions for the financing of investments.

Over the next few years, the LLB Group plans to expand its business with syndicated loans.

Individual pension fund solutions

We are the only bank in Liechtenstein to offer SMEs individual pension fund solutions through the LLB Pension Fund Foundation for Liechtenstein (LVST). Founded in 2005, in the meantime, the LVST is – measured in terms of its balance sheet total – the largest collective foundation in the country and the only pension fund offering members the choice between two investment strategies. Following strong growth in 2020, the foundation continued to achieve solid organic growth in 2021 and 2022. At the end of the business year, it administered assets of CHF 1.15 billion. (2021: CHF 1.27 billion). At the end of 2022, the pension savings capital under administration for actively and passively insured participants stood at CHF 1.18 billion (2021: CHF 1.15 billion). The LVST counted 856 affiliated companies (2021: 808) having a total of 7'691 actively insured persons (2021: 7'757). The average coverage ratio stood at 99 per cent (2021: 115 %).

At the LLB Pension Foundation, security and stability play a major role. Particular focus is placed on digitalising services. As the first collective foundation in Liechtenstein, the LVST introduced a digital pension fund cockpit in 2021 for insured persons. In 2019, it was already possible for affiliated companies to efficiently prepare and process information via the LVST company portal. Liechtenstein’s youngest collective foundation is a major pillar of the domestic market. It is a member of the supervisory board of the Liechtenstein Pension Fund Association, which has set itself the goal of further developing the Liechtenstein pension fund market.

Closeness to clients with digital and personal service

The pace of digital change at the LLB Group is picking up pace sharply. The new “LLB.ONE” programme is driving the digital transformation of key business processes across and throughout all client segments and markets (see chapter “Corporate Center”). This includes the comprehensive, Group-wide standardisation and automation of lending procedures and processes. We have already reached significant milestones with the “Credit for Future” Group project. In line with our ACT-26 corporate strategy, we will invest CHF 100 million in the digital transformation by 2026.

A large portion of our retail and corporate clients already contacts us at anytime from anywhere via our E-channels. In 2022, they carried out 3.2 million (2021: 3.0 million) transactions via our Online and Mobile Banking systems. At the same time, transactions made using LLB bank cards also rose sharply to 5.0 million (2021: 4.1 million).

The digital transformation brings new, very important functions to our bank branches. They are venues for providing and receiving personal advice in an environment that creates a completely new banking experience. All our client advisers complete a certification programme in accordance with the standards of the Swiss Association for Quality (SAQ) (see chapter “Employees”).

Number of transactions via bank counter, ATMs, card terminals (POS), E-channels (online and mobile)


LLB is one of the few banks to have structured its entire digital offering as a “one-stop shop”. Designed in accordance with the latest security and technological standards, our digital offering is constantly being extended. In 2021, we expanded our Online and Mobile Banking programmes, enabling users to benefit from new functions and improved user-friendliness (see chapter “Corporate Center”).

  • Online fund saving plan: about sixty funds are available for selection from our fund savings plan. Clients can sign up to and manage fund savings plans independently, a very popular feature with them. Client advisers can provide support, if required, at any time via the system.
  • Online extension of fixed-term mortgages: mortgage clients can extend existing fix-term mortgages using LLB Online Banking for periods up to ten years. LLB was the first bank in Liechtenstein to provide this mortgage option online.
  • “wiLLBe” app for sustainable investing: “wiLLBe” enables savers and investors to invest sustainably with support from LLB’s award-winning asset management team. The goal is to offer various investment possibilities having sustainable impact and returns (see paragraph “Sustainable investing”).

Digitalisation of payment systems

By utilising various digital possibilities, the payment and issuing of invoices becomes more efficient, simple and clear:

  • LiPay: LLB’s own digital solution for cash-free and contactless payments is an innovative alternative for retail and corporate clients. In contrast to other instant payment systems, LiPay uses direct “account-to-account” payments, accelerated by instant push messages.
  • QR billing: Since 1 October 2022, the former orange / red payment slips can no longer be used in Liechtenstein and Switzerland. On the new payment slips, all the relevant information is contained in the QR code, which simplifies the issuing and payment of invoices both for private individuals and companies. Since 1 July 2020, LLB clients have been able to scan QR bills via LLB Mobile Banking and, via Online Banking, manually type in or scan, issue and pay them using PayEye.
  • eBill: This programme makes it easier and faster for our clients to receive, check and release invoices for payment via LLB’s Online Banking. Thanks to electronic and paperless processing, costs can be saved and a contribution made to sustainably protecting the environment.
  • LLB Connect: This interface provides companies having a very large number of payment orders with an attractive and convenient solution. Payment, stock market and foreign exchange orders can be generated and submitted via the usual software environment to LLB quickly, securely and efficiently. The accounting system can be reconciled automatically with accounts receivable and accounts payable.
  • EBICS: With EBICS (electronic banking internet communication standard), LLB offers corporate clients, in addition to Online Banking, a professional solution for the direct connection to the client’s financial software. This enables corporate clients to conveniently manage their accounts from one app, independently of whether these accounts are held with LLB or other banks in Liechtenstein or abroad. EBICS has become established in various SEPA countries (single euro payment area) as a multi-client /bank communications standard that enables payment transfers to be executed in an encrypted and secure form via the internet.

Modern bank branches

Bank branches are the face of LLB and Bank Linth. Focusing on clients is an essential prerequisite for us, and is the reason why not only our digital banking systems are state of the art, but also our network of branches. LLB’s clients can choose between obtaining personal advice online or personally in one of our modern branches.

Following the remodelling of our branches in Balzers and Eschen, the redesigned headquarters branch in Vaduz has also been a focal point for optimal client experiences and personal services since May 2022. Our unique “Bankorama” experience makes LLB banking products more simple, clear and interactive. We are also forging ahead with the digitalisation of processes in our bank branches so that the branch advisers have available all the tools and digital services they need.

On its way to becoming the “bank of the future”, Bank Linth modernised its first branches in 2015. In the meantime, all seventeen branches have been remodelled in accordance with the new concept, which places the provision of advice at the forefront of branch activity. Thanks to mobile workplaces and adjustments to infrastructure, all Bank Linth branches can offer the choice of flexible appointment planning for client discussions.

Urs Müller, Head “Retail & Corporate Banking”

"Our close relations with people and businesses are our great strength. As the leading universal bank in Liechtenstein and the region, it is our goal to exceed expectations in terms of both personal and digital services."

Advisory centres / Experts on demand

For around 100'000 clients, the LLB and Bank Linth advisory centres are already the efficient interface and first-class point of contact between online and offline services. They offer a comprehensive service for all banking transactions and represent the first level of support for questions in relation to our digital channels. In 2022, our two advisory centre teams answered 153'000 telephone calls, responded to 27'000 e-mails and 18'100 bank messages.

In recent years more and more demands have been made on our advisory centres, caused largely by the plethora of different regulatory requirements applying to our clients from around eighty countries. In future, our professional and experienced on-demand teams will play an even more important role. We intend to adapt the structure of our advisory centres and equip them with the latest technical infrastructure. So that even when contacting the bank remotely, clients can rely on receiving appropriate advice and situative support in solving problems.

Business segment result

Interest differential business, which comprises the largest proportion of earnings in the “Retail and Corporate Banking” division, posted an 8.0 per cent increase. The rise was attributable to the continual growth of mortgage lending business and higher interest rate levels. Higher risk provisions for expected credit losses were allocated. As expected, fee and commission income decreased as a result of lower volumes and fewer generated performance fees. In contrast, trading activities expanded, generating an18.6 per cent rise in trading income to CHF 20.8 million. Operating expenses remained stable resulting in a segment profit before taxes of CHF 90.2 million.

Growth continued to be pleasing with both the positive net new money inflow of CHF 1.0 billion and increased lending business of CHF 0.9 billion contributing equally to the increase. Accordingly, in spite of the negative market development, the business volume expanded to CHF 33.0 billion.

Business segment result: Retail & Corporate Banking
(in CHF millions)

Segment reporting

in CHF thousands


2021 1

+ / – %

Net interest income




Expected credit losses

– 4'695



Net interest income after expected credit losses



– 1.8

Net fee and commission income



– 10.6

Net trading income




Other income



– 8.5

Total operating income



– 4.0

Personnel expenses

– 43'974

– 43'216


General and administrative expenses

– 4'416

– 4'037



– 43

– 40


Services (from) / to segments

– 76'130

– 76'498

– 0.5

Total operating expenses

– 124'563

– 123'790


Segment profit before tax



– 9.7

1 The figures for the financial year 2021 were carried over and adapted to the new segment structure.

Performance figures



2021 1

Gross margin (in basis points) 2



Cost Income Ratio (in per cent) 2



Net new money (in CHF millions) 2



Growth of net new money (in per cent) 2



1 The figures for the financial year 2021 were carried over and adapted to the new segment structure.

2 Definition available under

Additional information



31.12.2021 1

+ / – %

Business volume (in CHF millions) 2




Assets under management (in CHF millions) 2



– 2.6

Loans (in CHF millions)




Employees (full-time equivalents, in positions)



– 1.0

1 The figures for the financial year 2021 were carried over and adapted to the new segment structure.

2 Definition available under