Liechtensteinische Landesbank, or LLB, grew substantially last year. The Vaduz-based private bank said the expansion will mar its full-year profits.
Liechtensteinische Landesbank, or LLB, expects a drop in net profit by nearly one-quarter for the full year, it said in a statement on Thursday. While the wealth manager said it hiked its business volume to over 80 billion Swiss francs ($80.9 billion), it said profit would slip by 23 percent to roughly 85 million francs.
The spending to integrate its 2017 acquisition of Semper Constantia, a private bank in Vienna, will hit profits, it said, along with negative interest rates and sour markets. LLB took in net new money of 1.3 billion last year. The bank reports full results on March 14.
