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LLB Annual Report 2023 de

Retail & Corporate Banking

Information unaudited Information ungeprüft Retail & Corporate Banking

Our clients have high expectations of us: personal service, functionality and fair conditions. To fulfil these expectations, we consistently strive to improve ourselves and our services. Personal advisory services, excellent investment competence and digital innovation are characteristics of our Retail and Corporate Banking.

Strong ties with the region

Liechtensteinische Landesbank (LLB), founded in 1861, is the longest established financial institute in Liechtenstein. We have been the market leader in retail and corporate banking for many years and thus also performed an important role in the domestic economy. We are the only bank in Liechtenstein having an extensive network of branches and cash machines. LLB is regarded as the Liechtensteinersʼ bank with many clients also being our shareholders at the same time (see chapter Economic value creation).

LLB Schweiz (formerly Bank Linth), with headquarters in Uznach, can also look back on a long tradition. It has close ties with the Linth and upper Lake Zurich regions of Switzerland. At the end of 2022, all the former Bank Linth shares were taken over by the LLB Group and the bank was delisted from the Swiss exchange. Since September 2023, all our Group companies and subsidiaries operate under the uniform “LLB” brand. Operating under its new name strengthens the affiliation of LLB Schweiz with our corporate group (see LLB brand). For clients nothing changes – the essence of “their” bank in preserved. And they continue to benefit from an attractive range of products and services.

The client advisers at LLB and LLB Schweiz live in their respective market regions and are trusted by local people and businesses (see chapter Employees).

Personal banking

As a universal bank, we have a clear vision: to be the number one in Liechtenstein and the region. For this purpose, we will continue on our growth trajectory, improve efficiency and make further progress on our path to climate neutrality. To enable us to bundle 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 new segment’s closeness to clients.

We see further broad potential in continuing to enhance clientsʼ banking experience. Here we want to focus on 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.

Competence and trust

The focus of the Retail and Corporate Banking Market Division lies on the domestic markets Liechtenstein, Switzerland and Austria, as well as on the traditional cross-border markets Germany and Italy.

Retail and corporate banking business encompasses the deposits and financing business in Liechtenstein and Switzerland. But LLB is also the bank of choice for many cross-border workers from the neighbouring Austrian province of Vorarlberg. As the banking partners of small and medium-sized enterprises (SMEs), LLB and LLB Schweiz are traditionally of great importance in Liechtenstein and eastern Switzerland. In local, regional and international private banking, the LLB Group convinces with its stability and security. Our clients trust in our extensive experience, in the quality of our services and in the good investment performance of our asset managers.

Growth in Germany and Switzerland

In recent years, we have noted a steadily increasing demand for our services from German clients. Since we see further potential in Europe’s largest private banking market, we are establishing a business presence in 2024 in the financially strong regions of Munich, Frankfurt and Düsseldorf. This will enable us in future to care for our German clients, especially in private and institutional banking, in place in Germany.

Urs Müller, Head Retail & Corporate Banking 

“Our new business locations in Germany put us in a position to offer financial services, tailored to suit the needs of German clients, on the spot in Germany.  This enables us to work closely with our clients to support them in achieving their financial goals.”

We also want to push ahead with our growth plans in Switzerland. During the 2024 business year we are opening business locations in Zurich und St. Gallen. Above all, we shall build on the business base established by LLB Schweiz to expand our business activities in private banking and with corporate clients.


Partners for business

Recent years have placed great demands on companies. Challenges such as the covid 19 pandemic, supply chain problems, a shortage of skilled labour, inflation and high energy prices have made doing business significantly more difficult. Precisely such challenging times clearly show the extent of LLB’s support for business. 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” product package.

Products and services

LLB stands for competence. We create added value for our clients with our products and services and we enjoy the trust of the business community, society and institutions. The fact that we are among the most secure and best capitalised banks represents a key aspect of our success (see chapter Finance and risk management).

Payments and savings

LLB is the acknowledged leader in Liechtenstein in payment transfers and account management business. Almost every resident keeps an account at the Landesbank. With our new “LLB Daily” product packages (Light, Flex and Pro) we cover all the requirements of daily banking business and individual client situations. Regardless of whether their focus is in on digital payment transactions, cash withdrawals or foreign currencies for their daily banking requirements, our clients will find that we have a suitable solution for them offering the best price / performance ratio.  As the first bank in Liechtenstein, we are also abolishing booking fees for private clients with these new product offers.  In addition, clients having several accounts at LLB benefit from corresponding partner rebates.


Investing / Private banking

LLB offers individual investment advisory and asset management services of the highest quality to its retail and corporate clients and its private banking clientele. The proposals put forward regarding investment strategies are based on the expertise of the LLB Asset Management team. These specialists possess extensive experience in the management of assets of 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 clientsʼ assets.  The “LLB Consult” and “LLB Expert” models offer active investment advisory services.

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 fairly priced. Based on 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. 

Loans and mortgages

Lending business is an important source of earnings for LLB. In our lending activities, we pursue a prudent 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; these range from the variable basic mortgage, the money market flexible or fixed-rate mortgage to the environmental mortgage. The latter enables LLB and LLB Schweiz to support environmentally friendly construction in Liechtenstein and Switzerland. A Lombard loan represents another flexible financing solution for individual 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 individual clients and companies in all aspects of their life and business cycles. In our 360-degree consultancy packages we focus on the future and such issues as assets, real estate, financing facilities, risk provisioning, taxation and pension systems, corporate succession and estate planning. Consequently, we advise and support companies in Liechtenstein and Switzerland from the date they are founded up to the regulation of the owner’s succession.

Corporate clients 

With a market share of over 70 per cent, LLB is the market leader in this segment in Liechtenstein. And LLB Schweiz in one of the largest providers in eastern Switzerland. The personal care and provision of advice to corporate clients in all financing and banking business have a long tradition at LLB. Our care and service concept is based on the life cycle approach, in line with which we cover the whole life cycle with a broad range of products and services adapted to suit the individual case. 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 a product package with transparent benefits and conditions in the form of our “SME Box”. These are supplemented by the “SME Menu”, which provides a range of services in the following areas:

  • Accounts and payments
  • Investing and financing
  • Retirement and succession
  • Additional services

We 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 LLB Schweiz’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 the strong growth experienced in 2020, the foundation continued to achieve solid organic growth. At the end of the report year, it administered assets of CHF 1.26 billion. (31.12.2022: CHF 1.15 billion). The pension savings capital for actively and passively insured participants stood at CHF 1.23 billion (31.12.2022: CHF 1.18 billion). The LVST counted 905 affiliated companies (31.12.2022: 856) having a total of 7ʼ860 actively insured persons (31.12.2022: 7ʼ691). The consolidated coverage ratio of LVST stood at almost 100 per cent at the end of 2023 (31.12.2022: 94.5 %).

Security and stability play a major role at the LLB Pension Foundation. 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. The affiliated companies can 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 

Personally, digitally or a hybrid form of both? Our clients decide themselves how they want to communicate with us. However, the focus is always on providing them with the best possible care and advice.

Digitalisation of banking

The LLB Group has been successful in expanding its position as a modern, innovative bank. For this purpose, we have made substantial investments in our digital services and channels.

Following its successful start in 2022, our LLB.ONE digitalisation programme is now in the middle of the implementation phase (see chapter Corporate Center). This encompasses numerous initiatives such basic banking products (account management and payment transfers), financing with the emphasis on mortgages, the advisory centre of the future and a new customer relationship management system.


LLB is one of the few banks to have independently developed its own digital offering. We have been revising and remodelling our Online and Mobile Banking programmes as a top priority since the beginning of 2023. A key point in the process concentrates on the flexible design and technical modernisation of the programmes.

Our mortgage loan clients can now extend their money market mortgages online. If desired, they can change products and benefit from self-service discounts. During the pilot phase, they can also call on digitally supported financial advisory services.

Digitalisation of payment systems

One trend that has accelerated in recent years is the digitalisation of payment services.  Both the payment and issuing of invoices function simply, clearly and efficiently. For several years already, we have been offering our clients various digital payment methods such as LiPay, LLB’ s own payment app, QR billing, which enables invoices to be conveniently scanned and paid, and eBill for the direct depiction of invoices in LLB Online Banking.

In addition, in the 2023 business year we introduced the most widely used mobile payment solutions: Apple Pay, Google Pay and Samsung Pay. All that is required of customers with these mobile payment systems is for them to deposit the appropriate credit card in the wallet app of their smart phones. This provides our clients with even more convenience and comfort when making daily payments:

  • Worldwide acceptance in stores, in the internet and phone apps
  • Simple payments with smart devices
  • Secure payment procedure; the protection of privacy and personal data is safeguarded

Modern bank branches

Within the scope the digital transformation, our bank branches are being given a new and extremely important function. They are to be venues for the provision of personal advisory services – the face of LLB, so to speak, where focusing on clients and their needs is the key priority. Since 2022, all our bank branches in Liechtenstein and Switzerland have been remodelled and redesigned to provide a unique client experience and individual service. Here too, the digitalisation of our processes plays an important role, ensuring that the branch advisers have available all the tools and digital services they need. All our client advisers complete a certification program in accordance with the standards of the Swiss Association for Quality (SAQ) (see chapter Employees).

In addition, our bank branches should be places where stakeholders and other persons can meet and exchange ideas and views. As an example, at our offices in Liechtenstein we are holding events as a part of our “Financial Coaching” initiative. The aim of the events is to increase the awareness of primary school children in their final year for financial subjects and to support them in dealing properly with money. The coaching events are designed to suit the age and needs of the children in collaboration with the Liechtenstein Education Department.

Edi Zorc, Head Direct Clients

“In today’s world, being able to recognise and understand financial interrelationships, as well as the correct way of dealing with money, are more important than ever. The risk of indebtedness, retirement provisioning or sustainable investments are just a few key words here. We are convinced that through our initiative we can make an important contribution to improving the general standard of financial competence.”

The “Financial Coaching” initiative is supported by the Liechtenstein Bankers Association. The feedback we received from students and teachers was very positive.

Direct service and advice

For around 100ʼ000 clients, the LLB’s Direct Service team is the efficient interface and first-class point of contact between online and offline services for clients of the entire LLB Group. The team members offer a comprehensive service for all banking transactions and first level support for questions in relation to our digital channels. In 2023, in about 800 contacts per day via phone, e-mail and bank messaging, the team responded to our clientsʼ enquires and questions.

The demands made on our Direct Service team steadily continue to rise because our clients are faced with many different regulatory requirements. In future therefore an additional team will be put in place to actively support and provide specific expertise to our Direct Clients team on a case by case basis. We are continually striving to optimise our processes using the latest technical systems. Here we do not lose sight of the goal of being able to offer our clients fast and efficient, but nevertheless personal support and advice.

Business segment result

The segment profit before taxes rose by 58.8 per cent to CHF 143.3 million. Interest differential business, which comprises the largest proportion of earnings in the Retail &Corporate Banking Division, posted a 45.9 per cent increase. This was attributable to the continual growth of mortgage lending business and higher interest rates. Fee and commission income developed positively and at CHF 89.5 million exceeded the result for the equivalent period in the previous year. In contrast trading activities slowed, resulting in lower trading income of CHF 18.6 million. Conversely, the gross margin improved to 80 basis points. In total, operating income climbed by over 27 per cent to CHF 273.3 million. At 4.4 per cent, the increase in operating expenses was considerably lower. Higher efficiency levels were reflected in the much improved cost income ratio of 47.6 per cent.

Business growth was very pleasing with a positive net new money inflow of CHF 1.3 billion. Inflows from clients in Germany, as well as increased lending business of CHF 1.0 billion contributed equally to this growth. As a result, the business volume expanded by nearly 8 per cent to CHF 35.6 billion.

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

Segment reporting

in CHF thousands



+ / – %

Net interest income




Expected credit losses


– 4'695


Net interest income after expected credit losses




Net fee and commission income




Net trading income



– 10.6

Other income




Total operating income




Personnel expenses

– 45'430

– 43'974


General and administrative expenses

– 5'432

– 4'416



– 56

– 43


Services (from) / to segments

– 79'127

– 76'130


Total operating expenses

– 130'046

– 124'563


Segment profit before tax




Performance figures




Gross margin (in basis points) 1



Cost Income Ratio (in per cent) 1



Net new money (in CHF millions) 1



Growth of net new money (in per cent) 1



1 Definition available under

Additional information




+ / – %

Business volume (in CHF millions) 1




Assets under management (in CHF millions) 1




Loans (in CHF millions)




Employees (full-time equivalents, in positions)




1 Definition available under