Liechtenstein’s banks have German customers in their sights and are waving Swiss francs

2024-01-03 17:19:19

Not putting all your eggs in one basket is standard advice when it comes to investing money. This not only affects asset classes such as stocks, bonds and real estate, but also currencies. In Europe, the Swiss franc in particular benefits from such a diversification strategy, as it is once again showing its strong side. However, the Swiss financial center has not exactly advertised itself in the past year: the near-collapse of the major bank Credit Suisse and its state-supported rescue by UBS has damaged the image of the Confederation as a safe haven for money.

But one man’s suffering is another man’s joy. It is certainly no coincidence that banks from Liechtenstein are now going on the offensive and are fishing for new rich customers, especially in Germany. Of particular note here are the principality’s two largest institutions, the LGT Bank and the Liechtensteinische Landesbank (LLB). Both banks are currently significantly expanding their presence in Germany and are opening branches in several cities.