After returning to Germany after more than a decade away with offices in Hamburg and Munich, LGT is adding offices in its neighbor to the north.
With branches at the opposite ends of Germany in Hamburg and Munich, Liechtenstein's LGT bank is expanding its presence in an important European private banking market, it said on Monday.
The new offices will open in January in Duesseldorf and Cologne with around 15 employees to be managed by Jens Ennenbach and Matthias Wesseling. This comes after LGT opened its first private banking location in Hamburg last year.
A Decade Away
More than ten years ago, LGT pulled up its stakes in Germany following a dispute with its financial regulator. It wanted to buy BHF-Bank, now Oddo BHF, which belonged to Deutsche Bank. After the two agreed to a deal, the German Federal Financial Supervisory Authority (Bafin) stepped in and prevented the sale.
Further Expansion
The German subsidiary is headquartered in Munich where LGT plans to strengthen its staff, according to reports.
Executive Board member and Private Banking head Florian Duerselen is responsible for the German subsidiary. Andreas Loretz, the long-serving head of the German and Austrian markets has operational responsibility for the management of the client business.
Duerselen said the new team with its many years of experience «provides an excellent basis for our future growth. The successful launch of our office in Hamburg has shown that the private banking market in Germany holds great potential for us.»
LGT offers its private banking clients in Germany traditional investment advice and asset management. Additional services are wealth planning, international real estate financing, impact investments, alternative investments, and philanthropy advice.
