4 Group Executive Board
4.1 Members
The LLB Group’s organisational structure is consistently geared towards client and market needs. To this end, at Group Executive Board level are the market divisions “Retail & Corporate Banking” and “International Wealth Management”.
The Group Executive Board also includes the Group Chief Executive Officer (Group CEO), the Group Chief Financial Officer (Group CFO) and the Group Chief Digital & Operating Officer (Group CDO). The Group CEO also serves as Chairman of the Executive Board.
The composition of the Board of Management changed during the reporting year.
Gabriel Brenna stepped down as the Chairman of the Board of Management on 11 June 2025 and left the company on 31 October 2025. During the period from 11 June 2025 to 30 September 2025, Group CFO Christoph Reich additionally assumed the tasks of the Chairman of the Board of Management on an ad interim basis. Christoph Reich became the new Chairman of the Board of Management on 1 October 2025.
Urs Müller stepped down from the Board of Management on 31 March 2025 in order to take early retirement and ended his employment relationship on 31 July 2025. From 1 April 2025 until Michael Hartmann joined the Board of Management as a new member on 1 June 2025, CEO Gabriel Brenna additionally took over the management of the “Retail & Corporate Banking” division from Urs Müller.
At the end of November 2025, the Board of Directors appointed Markus Schifferle as a member of the Group Executive Board and the Group CFO, subject to approval by the Liechtenstein Financial Market Authority (FMA). Approval was granted on 12 January 2026.
Details about the individuals who stepped down in 2025, namely Gabriel Brenna and Urs Müller, can be found in the online Annual Report 2024 via the following link: https://reports.llb.li/2024/ar/en/group-executive-board.
Christoph Reich
Group Chief Executive Officer
1974, CH
Joined the Group Executive Board:
2012
Education:
- Executive Master Law & Management (LM-HSG), St. Gallen, 2023
- Executive MBA, University of St. Gallen (HSG), 2009
- Federally qualified licentiate in economics, FHS St. Gallen, 1999
Professional career:
- Partner at Syndeo AG, Head of Accounting and Controlling for Banks, Horgen (ZH), 2006–2010
- Team manager Budget and Management Services, Asian Development Bank, Manila / Philippines, 2003–2006
- Senior consultant, KPMG, Zurich, 1999–2003
- Investment adviser for private clients, St. Galler Kantonalbank, Wil (SG), 1994–1996
- Commercial apprenticeship, St. Galler Kantonalbank, Buchs (SG), 1990–1993
Liechtensteinische Landesbank:
- Group Chief Executive Officer, since October 2025
- Member of the Group Executive Board and the Board of Management, since 2012
- Group Chief Financial Officer, 2012–2025
- Head of Group Finance & Risk Department, 2010–2012
Board of Directors mandates in Liechtensteinische Landesbank Group companies:
- Liechtensteinische Landesbank (Österreich) AG (Vice Chairman of the Supervisory Board)
- LLB (Switzerland) AG (Vice Chairman)
- LLB Asset Management AG (Member)
Other functions:
- Chairman Liechtensteinisches Pfandbrief Institut
- Vice President of the Liechtenstein Bankers Association
- Chairman of the Board of Trustees of the “Future Foundation of Liechtensteinische Landesbank AG”
- Member of the Board of the Liechtenstein Chamber of Commerce and Industry
- Member of the Liechtenstein Deposit Guarantee and Investor Compensation Foundation (EAS)
Natalie Flatz
Head of “International Wealth Management” division
1977, AT
Joined the Group Executive Board:
2016
Education:
- Diploma of Advanced Studies (DAS) in Banking, 2017
- Executive Master of European and International Business Law, University of St. Gallen, 2006
- Mag. iur., University of Innsbruck, 2000
Professional career:
- Member of senior management at the Liechtenstein Fund Management Company IFOS, 2008–2011
- Private labelling client adviser at the Liechtenstein Fund Management Company IFOS, 2006–2007
- Legal assistant at the Liechtenstein Bankers Association, 2003–2005
Liechtensteinische Landesbank:
- Head of “International Wealth Management” division, since 2022
- Head of Institutional Clients division, 2016–2021
- Member of the Group Executive Board and the Board of Management, since 2016
- Head of Fund Services Business Area, 2012–2016
- Head of Institutional Clients Business Unit, 2011–2012
Board of Directors mandates in Liechtensteinische Landesbank Group companies:
- Liechtensteinische Landesbank (Österreich) AG (Chairwoman of the Supervisory Board)
- LLB Asset Management AG (Chairwoman)
- LLB Fund Services AG (Chairwoman)
- LLB Swiss Investment AG (Chairwoman)
- LLB Services (Schweiz) AG (Vice Chairwoman)
Other functions:
- Member of the Board of Trustees of the “Future Foundation of Liechtensteinische Landesbank AG”
Patrick Fürer
Group Chief Digital & Operating Officer
1965, CH
Joined the Group Executive Board:
2019
Education:
- Dr. oec. HSG, University of St. Gallen, 1993
- Licentiate in economics at the University of St. Gallen (HSG), 1990
Professional career:
- Chief Executive Officer, Notenstein La Roche Privatbank AG, St. Gallen, 2017–2018
- Chief Financial Officer, Notenstein La Roche Privatbank AG, St. Gallen, July–September 2017
- Chief Executive Officer, Morgan Stanley Bank AG, Zurich, 2016–2017
- Member of the Executive Board and Chief Operating Officer, Morgan Stanley Bank AG, Zurich, 2009–2016
- Member of the Executive Board and Head of IT and Processing, Raiffeisen Bank Switzerland, St. Gallen, 2007–2008
- Group Head of Operations, WestLB AG, Düsseldorf, London, 2003–2006
- Chief Executive Officer, WestLB Panmure, London, 2002–2003
- Chief Operating Officer, WestLB Panmure, London, 1998–2002
- Chief of Staff, Trading & Sales, Union Bank of Switzerland, Zurich, 1995–1998
- IT Project Controller and Head of Controlling of the IT division, Union Bank of Switzerland, Zurich, 1991–1994
Liechtensteinische Landesbank:
- Group Chief Digital & Operating Officer, since 2022
- Group Chief Operating Officer, 2019–2021
- Member of the Group Executive Board and the Board of Management, since 2019
Board of Directors mandates in Liechtensteinische Landesbank Group companies:
- Liechtensteinische Landesbank (Österreich) AG (Member)
Other functions:
- Member of the Board of Trustees of the “Future Foundation of Liechtensteinische Landesbank AG”
Michael Hartmann
Head of “Retail & Corporate Banking” division
1970, CH
Joined the Group Executive Board:
2025
Education:
- Executive Programme, Swiss Finance Institute (SFI), Zurich, 2010
- Postgraduate Executive Master of Finance, UAS Zurich, 2002
- Swiss certified banker, 1997
- Commercial apprenticeship in notarial services, 1989
Professional career:
- Regional Market Head of Private Banking Zurich‑West, Zürcher Kantonalbank, 2020–2025
- Founding member and member of the Board of Management, Moneypark, 2012–2019
- Various management functions, Zürcher Kantonalbank, 1999–2012
- Adviser for loan and business clients, Zürcher Kantonalbank, 1989–1999
Liechtensteinische Landesbank:
- Head of “Retail & Corporate Banking” division, since June 2025
Board of Directors mandates in Liechtensteinische Landesbank Group companies:
- LLB (Switzerland) AG (Chairman)
- LLB Asset Management AG (Vice Chairman)
Other functions:
- “Future Foundation of Liechtensteinische Landesbank AG” (Vice Chairman of the Board of Trustees)
Markus Schifferle*
Group Chief Financial Officer (CFO)
1982, CH
Joined the Group Executive Board:
2026*
Education:
- Certified Global Negotiator, University of St. Gallen (HSG), 2025
- International Certified Accountant, Frankfurt, 2019
- Executive MBA in Wealth Management, Vaduz, 2012
- Federally qualified business economist, FHS St. Gallen, 2007
Professional career:
- Deputy Head Group Controlling, St. Galler Kantonalbank, 2008–2011
- Group Controller, LGT Bank in Liechtenstein, 2006–2008
- Client adviser, financial planner and controller, St. Galler Kantonalbank, 2001–2006
- Commercial apprenticeship, St. Galler Kantonalbank, 1998–2001
Liechtensteinische Landesbank:
- Head of Group Finance & Risk, July 2025–December 2025
- Head of Group Finance, 2019–June 2025
- Head of Group Controlling, 2011–2019
Board of Directors mandates in Liechtensteinische Landesbank Group companies:
- LLB Holding AG (Chairman of the Board of Directors)
- LLB Verwaltung (Schweiz) AG (Chairman of the Board of Directors)
*At the end of November 2025, the Board of Directors appointed Markus Schifferle as a member of the Group Executive Board and the Group CFO, subject to approval by the Liechtenstein Financial Market Authority (FMA). Approval was granted on 12 January 2026.
4.2 Other activities and commitments
Group Executive Board are not involved in the management or supervisory boards of important Liechtenstein, Swiss or foreign private or public law corporations, establishments or foundations, nor do they exercise any permanent management or consultancy functions for important interest groups, nor do they perform official functions or hold political office.
4.3 Number of permitted activities
There are no statutory rules on the number of permitted activities; these are laid down in detail in the Group regulation “Fit & Proper – Assessment of the members of the Board of Management, the Board of Directors and the holders of key functions” (see section Board of Directors).
4.4 Management contracts
Liechtensteinische Landesbank has not concluded any management contracts.