Related party transactions
Information unaudited Information ungeprüft Related party transactions
Related parties
The LLB Group is controlled by the Principality of Liechtenstein, which holds 56.3 per cent of the registered shares of Liechtensteinische Landesbank AG, Vaduz (previous year: 56.3 %). The shareholder group, consisting of the Haselsteiner Familien-Privatstiftung and grosso Holding Gesellschaft mbH, holds 5.9 per cent of the registered shares (previous year: 5.9 %). At the end of the year under report, LLB held 0.7 per cent of its own shares (previous year: 0.6 %) and 0.4 per cent were held by members of the Board of Directors and the Board of Management (previous year: 0.4 %). The remaining registered shares are owned by the general public.
The related parties of the LLB Group comprise the Principality of Liechtenstein, associated companies, members of the Board of Directors and the Board of Management, as well as their close family members and companies, in which these individuals are part of the company management, either through their majority shareholding or through their function, as well as own pension funds.
Within the scope of its business activity, the LLB Group also conducts banking transactions with related parties. These transactions mainly involve loans, investments and services. The volumes of these transactions, the holdings and corresponding income and expenses are shown below. For information regarding important business transactions with the Principality of Liechtenstein reference is made to note 8 in the separate financial statement of LLB AG.
See Scope of consolidation for a detailed list of the intercompany relationships of the LLB Group.
Compensation of key management personnel
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Fixed compensation |
Variable compensation |
Entitlements 1 |
Contribution to benefit plans and other social contributions |
Total |
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in CHF thousands |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
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Members of the Board of Directors |
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Georg Wohlwend, Chairman |
300 |
300 |
0 |
0 |
40 |
40 |
86 |
86 |
426 |
426 |
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Gabriela Nagel-Jungo, Vice Chairwoman until 5 May 2023 2 |
42 |
124 |
0 |
0 |
10 |
30 |
6 |
11 |
58 |
165 |
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Richard Senti, Vice Chairman since 5 May 2023 2 |
117 |
72 |
0 |
0 |
27 |
20 |
11 |
7 |
155 |
99 |
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Nicole Brunhart, Member since 5 May 2023 2 |
45 |
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0 |
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13 |
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3 |
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61 |
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Leila Frick-Marxer, Member since 6 May 2022 3 |
65 |
42 |
0 |
0 |
20 |
13 |
5 |
3 |
90 |
58 |
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Patrizia Holenstein, Member until 6 May 2022 3 |
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24 |
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0 |
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7 |
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0 |
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31 |
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Urs Leinhäuser, Member until 5 May 2023 2/4 |
31 |
82 |
0 |
0 |
7 |
20 |
0 |
0 |
38 |
102 |
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Thomas Russenberger, Member |
75 |
70 |
0 |
0 |
20 |
20 |
7 |
6 |
102 |
96 |
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Karl Sevelda, Member |
64 |
64 |
0 |
0 |
20 |
20 |
0 |
0 |
84 |
84 |
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Christian Wiesendanger, Member since 5 May 2023 2 |
45 |
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0 |
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13 |
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3 |
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61 |
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Total |
784 |
778 |
0 |
0 |
170 |
170 |
121 |
113 |
1'075 |
1'061 |
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Members of the Board of Management |
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Gabriel Brenna, Group CEO |
870 |
870 |
207 |
261 |
311 |
261 |
239 |
234 |
1'627 |
1'626 |
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Other members of the Board of Management |
2'329 |
2'329 |
486 |
695 |
729 |
695 |
803 |
803 |
4'347 |
4'522 |
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Total |
3'199 |
3'199 |
693 |
956 |
1'040 |
956 |
1'042 |
1'037 |
5'974 |
6'148 |
1 The members of the Board of Directors receive a portion of their fixed compensation in the form of entitlements. With the members of the Executive Management, 50 per cent of the variable compensation consists of entitlements, which contain shares and, since 2023, also a cash component. The total compensation comprises the total of the fixed and variable compensation plus the entitlements.
2 On 5 May 2023, Gabriela Nagel-Jungo and Urs Leinhäuser stepped down from the Board of Directors due to the term of office limitation rule. In their place, the General Meeting of Shareholders elected Nicole Brunhart and Christian Wiesendanger for a first term of office of three years. Richard Senti took over the office of Vice Chair from Gabriela Nagel-Jungo.
3 On 6 May 2022, Patrizia Holenstein stepped down from the Board of Directors due to the term of office limitation rule. As her replacement, the General Meeting of Shareholders elected Leila Frick-Marxer for a first term of office of three years.
4 The compensation was paid to Adulco GmbH.
Loans to key management personnel and related parties
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Fixed mortgages |
Variable mortgages |
Total |
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in CHF thousands |
31.12.2023 |
31.12.2022 |
31.12.2023 |
31.12.2022 |
31.12.2023 |
31.12.2022 |
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Members of the Board of Directors |
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Georg Wohlwend, Chairman |
0 |
0 |
0 |
0 |
0 |
0 |
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Gabriela Nagel-Jungo, Vice Chairwoman until 5 May 2023 1 |
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200 |
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0 |
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200 |
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Richard Senti, Vice Chairman since 5 May 2023 1 |
198 |
398 |
473 |
271 |
671 |
669 |
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Nicole Brunhart, Member since 5 May 2023 1 |
0 |
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0 |
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0 |
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Leila Frick-Marxer, Member since 6 May 2022 2 |
0 |
0 |
0 |
0 |
0 |
0 |
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Patrizia Holenstein, Member until 6 May 2022 2 |
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Urs Leinhäuser, Member until 5 May 2023 1 |
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0 |
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0 |
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0 |
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Thomas Russenberger, Member |
0 |
0 |
0 |
0 |
0 |
0 |
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Karl Sevelda, Member |
0 |
0 |
0 |
0 |
0 |
0 |
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Christian Wiesendanger, Member since 5 May 2023 1 |
0 |
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0 |
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0 |
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and related parties |
0 |
0 |
0 |
0 |
0 |
0 |
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Total |
198 |
598 |
473 |
271 |
671 |
869 |
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Members of the Board of Management |
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Gabriel Brenna, Group CEO |
0 |
0 |
0 |
0 |
0 |
0 |
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Other members of the Board of Management |
1'910 |
1'910 |
0 |
0 |
1'910 |
1'910 |
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and related parties |
0 |
0 |
0 |
0 |
0 |
0 |
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Total |
1'910 |
1'910 |
0 |
0 |
1'910 |
1'910 |
1 On 5 May 2023, Gabriela Nagel-Jungo and Urs Leinhäuser stepped down from the Board of Directors due to the term of office limitation rule. In their place, the General Meeting of Shareholders elected Nicole Brunhart and Christian Wiesendanger for a first term of office of three years. Richard Senti took over the office of Vice Chair from Gabriela Nagel-Jungo.
2 On 6 May 2022, Patrizia Holenstein stepped down from the Board of Directors due to the term of office limitation rule. As her replacement, the General Meeting of Shareholders elected Leila Frick-Marxer for a first term of office of three years.
All mortgage loans to members of management in key positions and related parties are fully secured.
At 31 December 2023, the maturities of the fixed mortgages for the members of the Board of Directors and related parties ranged between 27 and 37 months (previous year: between 3 and 49 months) at standard market client interest rates of 1.02 to 1.05 per cent per annum (previous year: 0.75 to 1.25 %).
At 31 December 2023, the maturities of variable mortgages for members of the Board of Directors and related parties extended to a maximum of 3 months (previous year: 3 months) at standard market client interest rates of 2.51 per cent per annum (previous year: 1.28). Following expiry, these are extended for a further 3 months providing they are not revoked.
At 31 December 2023, the maturities of fixed mortgages for members of the Board of Management ranged between 6 and 100 months (previous year: between 18 and 112 months) at interest rates of 0.81 to 1.80 per cent per annum (previous year: 1.05 to 1.80 %).
Of the total amount of mortgages for the members of the Board of Management, CHF thousands 1ʼ100 (previous year: CHF thousands 1ʼ000) was granted at the preferential interest rate for staff, the remainder was subject to the standard market client interest rate. No other loans were issued to the Board of Management (previous year: none).
No allowances for loans and other credit lines to management were necessary. LLB granted no guarantees to management or related parties (previous year: none).
Transactions with key management personnel and related parties
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in CHF thousands |
2023 |
2022 |
+ / – % |
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Loans |
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As at 1 January |
2'779 |
2'429 |
14.4 |
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Loans issued / changes to management and related parties |
202 |
443 |
– 54.3 |
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Loan repayments / changes to management and related parties |
– 400 |
– 93 |
330.1 |
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As at 31 December |
2'581 |
2'779 |
– 7.1 |
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Deposits |
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As at 1 January |
13'049 |
7'697 |
69.5 |
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Change |
– 4'637 |
5'352 |
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As at 31 December |
8'412 |
13'049 |
– 35.5 |
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Income and expenses |
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Interest income |
37 |
33 |
14.6 |
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Interest expenses |
– 50 |
– 3 |
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Other income 1 |
19 |
22 |
– 15.5 |
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Other expenses |
0 |
0 |
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Total |
7 |
52 |
– 87.2 |
1 Mainly net fee and commission income
Transactions with associated companies
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in CHF thousands |
2023 |
2022 |
+ / – % |
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Loans |
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As at 1 January |
1'503 |
636 |
136.1 |
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Change |
97'970 |
866 |
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As at 31 December |
99'472 |
1'503 |
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Deposits |
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As at 1 January |
9'617 |
16'530 |
– 41.8 |
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Change |
953 |
– 6'913 |
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As at 31 December |
10'570 |
9'617 |
9.9 |
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Income and expenses |
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Interest income |
3'063 |
74 |
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Interest expenses |
– 193 |
– 0 |
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Other income |
4 |
5 |
– 25.7 |
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Other expenses |
– 30 |
– 89 |
– 66.5 |
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Total |
2'844 |
– 9 |
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The LLB Group has not issued guarantees to third parties for related parties. No irrevocable credit commitment exists (previous year: CHF 10 million). As a result of transacted foreign currency swaps, claims continue to exist from derivative financial instruments totalling CHF thousands 118 (previous year: CHF thousands 3).
Transactions with own pension funds
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in CHF thousands |
2023 |
2022 |
+ / – % |
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Loans |
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As at 1 January |
0 |
0 |
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Change |
0 |
0 |
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As at 31 December |
0 |
0 |
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Deposits |
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As at 1 January |
9'726 |
20'631 |
– 52.9 |
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Change |
– 5'309 |
– 10'905 |
– 51.3 |
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As at 31 December |
4'416 |
9'726 |
– 54.6 |
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Income and expenses |
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Interest income |
0 |
0 |
– 20.9 |
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Interest expenses |
– 53 |
– 0 |
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Other income 1 |
899 |
855 |
5.2 |
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Other expenses |
0 |
0 |
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Total |
846 |
855 |
– 1.0 |
1 Mainly earnings from commissions and fees.
No guarantees have been granted by the LLB Group for third parties on behalf of own pension funds (previous year: none).
The LLB pension fund has transacted swaps to hedge against interest rate and currency risks. No claims exist from derivative financial instruments against the own pension fund (previous year: CHF thousands 63) and liabilities amounting to CHF thousands 3ʼ658 (previous year: CHF thousands 1ʼ179).