Bank Linth is moving under the brand of its Liechtenstein parent company LLB in the fall and at the same time is expanding into Zurich with a focus on a very specific clientele.

Bank Linth plans to open a branch in Zurich this year with another to follow in St.Gallen next year, Gabriel Brenna, CEO of parent company Liechtensteinische Landesbank (LLB), told journalists on Wednesday. The expansion is taking place as part of the new strategy for Switzerland which is becoming the most important market for the LLB Group.

As part of the autumn rebranding, Bank Linth will adopt the LLB name, and no longer operate in Zurich and St. Gallen under its brand, which has been in use for more than 170 years. The legal entity will also be renamed. LLB plans significant expansion in Switzerland, primarily in corporate and private banking, and services for independent asset managers.

Wanted: Client Advisors

To achieve this, the bank will invest in personnel, Brenna explained. Over the next two years, around 40 positions will be created, with 30 of them client-facing in the two new locations. In Zurich, the new teams could be located on Claridenstrasse in the middle of the banking district, where LLB already has an office.

Bank Linth has a historic network in corporate banking in eastern Switzerland and the Lake Zurich area and is competing in Zurich for the same clients and employees that dozens of long-established private banks are also pursuing. To what extent the bank will succeed remains to be seen, but the Linth bankers benefit from the international weight of the group.

LLB has long been active in Swiss on- and offshore private banking and has built up a range of investment products.

Three Booking Locations

Future EAM clients are being lured by the prospect of being able to choose from three booking locations in Switzerland, Liechtenstein, and Austria. Backed by the Group's balance sheet, Swiss LLB bankers can ultimately write larger «tickets» to Swiss companies. It wants to go beyond mortgage-backed financing in Switzerland and expand its business with medium-sized companies.

Given its ambitions, the management of the Swiss market is likely to be entrusted to someone who knows private banking. The search for a Swiss CEO who will simultaneously lead the wealthy private clients' business and EAM has begun.

As reported by finews.com, the current Linth CEO David Sarasin is stepping down at the end of the year. This is to start a new chapter professionally, which Sarasin, who was also present at the conference, confirmed.