Information unaudited Information ungeprüftRelated 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 %). At the end of the year under report, LLB held 1.4 per cent of its own shares (previous year: 1.2 %) and 0.2 per cent were held by members of the Board of Directors and the Board of Management (previous year: 0.4 %).
The related parties of the LLB Group comprise the Principality of Liechtenstein, associated companies and joint ventures, own pension funds, members of the Board of Directors and the Board of Management, as well as their close family members and companies, which are controlled by these persons.
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
Fixed compensation | Variable compensation | Entitlements 1 | Contribution to benefit plans and other social contributions | Total | ||||||
in CHF thousands | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Members of the Board of Directors | ||||||||||
Georg Wohlwend, Chairman | 320 | 300 | 0 | 0 | 80 | 40 | 100 | 88 | 500 | 428 |
Richard Senti, Vice Chairman | 137 | 125 | 0 | 0 | 30 | 30 | 13 | 12 | 180 | 167 |
Nicole Brunhart, Member | 68 | 68 | 0 | 0 | 30 | 20 | 14 | 5 | 112 | 93 |
Leila Frick-Marxer, Member | 78 | 65 | 0 | 0 | 30 | 20 | 6 | 5 | 114 | 90 |
Thomas Russenberger, Member | 90 | 80 | 0 | 0 | 30 | 20 | 9 | 8 | 129 | 108 |
Karl Sevelda, Member | 70 | 64 | 0 | 0 | 30 | 20 | 0 | 0 | 100 | 84 |
Christian Wiesendanger, Member | 85 | 68 | 0 | 0 | 30 | 20 | 7 | 5 | 122 | 93 |
Total | 848 | 770 | 0 | 0 | 260 | 170 | 149 | 124 | 1’257 | 1’063 |
Members of the Board of Management | ||||||||||
Gabriel Brenna, Group CEO until 11 June 2025 2 | 782 | 921 | 154 | 221 | 231 | 331 | 234 | 244 | 1’401 | 1’717 |
Other members of the Board of Management 3/4 | 2’560 | 2’404 | 607 | 572 | 911 | 859 | 950 | 867 | 5’028 | 4’702 |
Total | 3’342 | 3’325 | 761 | 793 | 1’142 | 1’189 | 1’184 | 1’111 | 6’429 | 6’418 |
1The 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, 60 per cent of the variable compensation consists of entitlements, which contain shares and a cash component. The total compensation comprises the total of the fixed and variable compensation plus the entitlements.
2On 11 June 2025, Gabriel Brenna stood down as Chief Executive Officer and left the company per 31 October 2025. During the period from 11 June 2025 to 30 September 2025, Group CFO Christoph Reich additionally took over the duties of Chief Executive Officer ad interim. Christoph Reich received no additional compensation for this interim function. On 1 October 2025, Christoph Reich was appointed the new Chief Executive Officer of the company.
3Urs Müller took early retirement and stood down from the Executive Management from 31 March 2025 and ended his employment relationship with the bank from 31 July 2025. From 1 April 2025 until the arrival of Michael Hartmann as a new member of the Executive Board on 1 June 2025, CEO Gabriel Brenna additionally managed the Retail and Corporate Banking Division. Gabriel Brenna received no additional compensation for this interim function.
4At the end of November 2025, the Board of Directors appointed Markus Schifferle as a member of the Group Executive Board and Group CFO subject to the approval of the FMA Liechtenstein. This body granted its approval on 12 January 2026. The compensation made to the other members of the Board of Management disclosed in this report therefore does not include the compensation Markus Schifferle received.
Loans to key management personnel and related parties
Fixed mortgages | Variable mortgages | Total | ||||
in CHF thousands | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 |
Members of the Board of Directors | ||||||
Georg Wohlwend, Chairman | 0 | 0 | 0 | 0 | 0 | 0 |
Richard Senti, Vice Chairman | 198 | 198 | 471 | 472 | 669 | 670 |
Nicole Brunhart, Member | 0 | 0 | 0 | 0 | 0 | 0 |
Leila Frick-Marxer, Member | 0 | 0 | 0 | 0 | 0 | 0 |
Thomas Russenberger, Member | 0 | 0 | 0 | 0 | 0 | 0 |
Karl Sevelda, Member | 0 | 0 | 0 | 0 | 0 | 0 |
Christian Wiesendanger, Member | 0 | 0 | 0 | 0 | 0 | 0 |
and related parties | 0 | 0 | 0 | 0 | 0 | 0 |
Total | 198 | 198 | 471 | 472 | 669 | 670 |
Members of the Board of Management | ||||||
Gabriel Brenna, Group CEO until 11 June 2025 1 | 0 | 0 | 0 | |||
Christoph Reich, Group CEO since 1 October 2025 1 | 0 | 0 | 0 | |||
Other members of the Board of Management 2/3 | 1’000 | 1’910 | 0 | 0 | 1’000 | 1’910 |
and related parties | 0 | 0 | 0 | 0 | 0 | 0 |
Total | 1’000 | 1’910 | 0 | 0 | 1’000 | 1’910 |
1On 11 June 2025, Gabriel Brenna stood down as Chief Executive Officer and left the company per 31 October 2025. During the period from 11 June 2025 to 30 September 2025, Group CFO Christoph Reich additionally took over the duties of Chief Executive Officer ad interim. On 1 October 2025, Christoph Reich was appointed the new Chief Executive Officer of the company.
2Urs Müller took early retirement and stood down from the Executive Management from 31 March 2025 and ended his employment relationship with the bank from 31 July 2025. From 1 April 2025 until the arrival of Michael Hartmann as a new member of the Executive Board on 1 June 2025, CEO Gabriel Brenna additionally managed the Retail and Corporate Banking Division.
3At the end of November 2025, the Board of Directors appointed Markus Schifferle as a member of the Group Executive Board and Group CFO subject to the approval of the FMA Liechtenstein. This body granted its approval on 12 January 2026. The loans made to the other members of the Board of Management disclosed in this report therefore do not include any corresponding loans made to Markus Schifferle.
All mortgage loans to members of management in key positions and related parties are fully secured.
At 31 December 2025, the maturities of the fixed mortgages for the members of the Board of Directors and related parties ranged between 3 and 13 months (previous year: between 15 and 25 months) at standard market client interest rates of 1.02 to 1.05 per cent per annum (previous year: 1.02 to 1.05 %).
At 31 December 2025, the maturities of variable mortgages for members of the Board of Directors and related parties extended to a maximum of 0 months (previous year: 0 months) at standard market client interest rates of 0.80 per cent per annum (previous year: 2.01). Following expiry, these are extended for a further 3 months providing they are not revoked.
At 31 December 2025, the maturities of fixed mortgages for members of the Board of Management amount to 25 months (previous year: between 0 and 88 months) at interest rates of 0.52 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 1ʼ000 (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
in CHF thousands | 2025 | 2024 | +/- % |
Loans 1 | |||
As at 1 January | 2’580 | 2’581 | – 0.0 |
Loans issued / changes to management and related parties | 999 | 0 | |
Loan repayments / changes to management and related parties | – 1’910 | – 1 | |
As at 31 December | 1’669 | 2’580 | – 35.3 |
Deposits 1 | |||
As at 1 January | 9’858 | 8’412 | 17.2 |
Change | – 1’171 | 1’446 | |
As at 31 December | 8’686 | 9’858 | – 11.9 |
Income and expenses 1 | |||
Interest income | 15 | 42 | – 64.9 |
Interest expenses | – 67 | – 119 | – 43.7 |
Other income 2 | 72 | 35 | 106.4 |
Other expenses | 0 | – 0 | – 100.0 |
Total | 20 | – 42 |
1Additional information contains the footnotes of the table "Loans to key management personnel and related parties".
2Mainly net fee and commission income
Transactions with related companies
in CHF thousands | 2025 | 2024 | +/- % |
Loans | |||
As at 1 January | 89’048 | 99’472 | – 10.5 |
Change | – 24’046 | – 10’425 | 130.7 |
As at 31 December | 65’002 | 89’048 | – 27.0 |
Deposits | |||
As at 1 January | 7’471 | 10’570 | – 29.3 |
Change | 15’240 | – 3’099 | |
As at 31 December | 22’711 | 7’471 | 204.0 |
Income and expenses | |||
Interest income | 2’627 | 3’564 | – 26.3 |
Interest expenses | – 233 | – 327 | – 28.7 |
Other income | 18 | 21 | – 13.5 |
Other expenses | – 3 | – 37 | – 93.1 |
Total | 2’410 | 3’221 | – 25.2 |
The LLB Group has not issued guarantees to third parties for related parties (previous year: none). An acceptance obligation for private equity amounting to EUR 5 million exists, of which EUR 0.6 million is open. The current fair value of the proportion of private equity amounts to CHF 4.1 million (previous year: CHF 3.3 million).
Transactions with own pension funds
in CHF thousands | 2025 | 2024 | +/- % |
Loans | |||
As at 1 January | 1 | 0 | |
Change | – 1 | 1 | |
As at 31 December | 0 | 1 | – 89.8 |
Deposits | |||
As at 1 January | 7’942 | 4’416 | 79.9 |
Change | 926 | 3’526 | – 73.7 |
As at 31 December | 8’869 | 7’942 | 11.7 |
Income and expenses | |||
Interest income | 3 | 2 | 2.8 |
Interest expenses | – 4 | – 38 | – 89.0 |
Other income 1 | 1’094 | 1’015 | 7.8 |
Other expenses | 0 | 0 | |
Total | 1’092 | 979 | 11.5 |
1Mainly 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 exchange rate risks. Claims exist from derivative financial instruments amounting to CHF thousands 18 (previous year: CHF thousands 3ʼ531) and liabilities amounting to CHF thousands 297 (previous year: CHF thousands 0) against the own pension fund.