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Liechtensteinische Landesbank AktiengesellschaftExperiences of European Banking, Rolf P. Frehner, LLB18.04.23, Seite: 1
Experiences of Banking in the Heart of Europe
Rolf P. FrehnerHead Private Banking CEE
Liechtensteinische Landesbank AG
Liechtensteinische Landesbank AktiengesellschaftExperiences of European Banking, Rolf P. Frehner, LLB18.04.23, Seite: 2
Agenda
The Participants in the Financial Market in Switzerland and Liechtenstein
The Financial Center of Liechtenstein
Liechtensteinische Landesbank AG as an example of a state owned Bank
Liechtensteinische Landesbank AktiengesellschaftExperiences of European Banking, Rolf P. Frehner, LLB18.04.23, Seite: 3
The Participants
Switzerland
Banks / Trustees
National Bank Switzerland
Federal Banking Commission
Swiss Bankers Association
Liechtenstein
Banks / Trustees
Financial Market Authority
Liechtenstein Bankers Association
Different Partners with different roles in the game
Liechtensteinische Landesbank AktiengesellschaftExperiences of European Banking, Rolf P. Frehner, LLB18.04.23, Seite: 4
Banks in Switzerland / Liechtenstein
Product Variety Banks Variety
• Credit/Lending Business• Asset Management• Payment Transactions• Deposit Business• Sec. Business• Underwriting Business• Funds
• The big Banks (CS, UBS)• Cantonal Banks• Regional and Savings Banks• Raiffeisen Group• Private Banks• Foreign Banks• Other Banks
Concept of Universal Banking
Liechtensteinische Landesbank AktiengesellschaftExperiences of European Banking, Rolf P. Frehner, LLB18.04.23, Seite: 5
Swiss National Bank
Independent Central Bank for Switzerland and Lender of last resort for Liechtenstein
Monetary Policy Ensure Price Stability
Monopoly for Banknotes in CHF
Swiss Interbank Clearing
Stability of the Financial Sector: Analysis of account sources of risk
Liechtensteinische Landesbank AktiengesellschaftExperiences of European Banking, Rolf P. Frehner, LLB18.04.23, Seite: 6
Swiss Federal Banking Commission (FBC) / Financial Market Authority Liechtenstein (FMA)
Independent of the respective Government and participants in the market
Protection of Creditors Protection of Asset Owners Transparency of Market Stability of System Supervision over Money
Laundering
SUPERVISION
REGULATION
REPRESENTATION
Liechtensteinische Landesbank AktiengesellschaftExperiences of European Banking, Rolf P. Frehner, LLB18.04.23, Seite: 7
Swiss Bankers Association / Liechtenstein Bankers Association
• Self Regulation has a long tradition in Switzerland and Liechtenstein
• Binding Codes of Conduct, where legislation leaves room or where it is in the industry’s interest to voluntarily set standards
• The FBC/FMA monitors the banks’ compliance with the codes of conduct
• Set of Recommendations and Guidelines, which are not monitored by FBC/FMA
Bankers Associations are important partners in the Regulatory Environment and to ensure stability of the financial market Banks are taking responsibility
Liechtensteinische Landesbank AktiengesellschaftExperiences of European Banking, Rolf P. Frehner, LLB18.04.23, Seite: 8
Basic Principles of Swiss / FL Banks
Making Business should not be undermined by the regulatory environment
Self-Regulation- Codes of Conduct- Guidelines
Independence of Respective Organisations/Institutions Analysis Legislation Monitoring Supervision
Separation of Power
BUT:Business FIRST
Liechtensteinische Landesbank AktiengesellschaftExperiences of European Banking, Rolf P. Frehner, LLB18.04.23, Seite: 9
The Principality of Liechtenstein
History 1719: Principality of Liechtenstein
1924: Swiss Franc becomes official currency
1978: Member of the Council of Europe
1990: Member of United Nations
1995: Member of European Economic Area
1995: Member of the World Trade Organisation (WTO)
Geography Situated in the heart of Europe between Switzerland and
Austria
Liechtensteinische Landesbank AktiengesellschaftExperiences of European Banking, Rolf P. Frehner, LLB18.04.23, Seite: 10
Liechtenstein, a Financial Centre
Favourable Environment (1) High level of political, legal and economic continuity and
stability Conservative-liberal approach of the government Liberal economic policies and lowest level of
bureaucracy AAA country rating from Moody's and Standard & Poor's
Close links with Switzerland Open borders and economic co-operation Customs and currency union Swiss franc as legal tender
Liechtensteinische Landesbank AktiengesellschaftExperiences of European Banking, Rolf P. Frehner, LLB18.04.23, Seite: 11
Liechtenstein, a Financial Centre
Favourable Environment (2) Highly efficient banking system / banking legislation
Stringent banking secrecy laws Best-developed financial infrastructure Well-educated personnel Highest international "due diligence" standards (also
according to the FATF)
Special corporate structures possible in Liechtenstein Asset protection / management, shareholding
and non-profit purposes Support of international trade activities Low taxes for holding and domiciliary companies
Family foundations are the most popular form
Liechtensteinische Landesbank AktiengesellschaftExperiences of European Banking, Rolf P. Frehner, LLB18.04.23, Seite: 12
Liechtensteinische Landesbank AG
Longest established bank in Liechtenstein, founded in 1861
Transformed in 1993 from an institute under public law into an stockexchange-listed public company
Main shareholder is the Principality of Liechtenstein with
57.5 % of the share capital
State guarantee on savings deposits and the bank's own medium term notes (S&P rating AAA)
620 employees
Liechtensteinische Landesbank AktiengesellschaftExperiences of European Banking, Rolf P. Frehner, LLB18.04.23, Seite: 13
LLB Group services
Forming and administration of companies and corporate
structures
Mutual fund management / full range of
services
Wealth Management
and family office
LLB Group
Group companies / participations
LLB Trust Company Ltd.
Jura Trust AG
Group companies / participations
swisspartners Investment Network AG
MBPI A
Group companies / participations
LLB Investment Partners AG
Global Fund Services AG
LLB Fondsleitung AG
Locations
LLB (Switzerland) Ltd., Zurich
Rep. Office Abu Dhabi
Branch Office Lugano
Cayman Islands
International presence
Universal Banking Services by LLB Vaduz
Liechtensteinische Landesbank AktiengesellschaftExperiences of European Banking, Rolf P. Frehner, LLB18.04.23, Seite: 14
The LLB and its legal background
Own Legislation “Landesbank-Gesetz”, which describes the rights and duties, LLB has to take care of in the context of its economical responsibility
Advantages of a Partnership with the country of Liechtenstein: Stability and Reliability of the major shareholder together
with extensive shareholder capital Quality standard (AAA S&P rating) Ideal partner for Growth (NO restrictions in operative
activities of LLB) and
LLB is part of free market and has no competitive advantages