Liechtenstein's LGT private bank is off to a good start since its return to Germany. The operational head of the German business believes the bank will make good use of this new momentum.
After an absence of more than ten years, LGT is once again active in the German private banking market with its presence. «The return to Germany comes at a particularly intensive time and great challenges,» Andreas Loretz, the operational head of client business in Germany, said in an interview with the industry portal «Private Banking Magazin» (in German) about its start in Hamburg.
The Liechtenstein-based bank hit the ground running from day one, receiving a lot of positive feedback not only from the industry but also from customers. It now wants to take advantage of the good momentum in Europe's largest and most important private banking market, especially since there are no longer many pure private banks for SMEs in Germany. «We can certainly fill a certain gap there,» Loretz said, expressing his conviction about the growth opportunities.
Playing its Advantage
The bank seeks to play its advantage and exploit the potential it has with closer proximity to its clients. LGT is one of the few pure international private banks owned and managed by a single family. «We see ourselves as a medium-sized family business from the financial sector. As a result, we operate at eye level with the majority of our clients and partners,» said Loretz, highlighting the advantages.
Customers have the opportunity to invest in the firm's strategy in the same way as the owners. «One-to-one. That has a high level of credibility,» Loretz adds.
Further Expansion
Operationally, LGT initially started in Hamburg, as finews.com reported. «Now we want to work on adding more locations in the next year or two,» Loretz said of the expansion plans.
Munich, the branch's headquarters, lends itself to another operational location, he said. Other locations are also being considered. «In addition to the southern region, we are also looking at the central region with Duesseldorf, Cologne, or Frankfurt as possible locations.» But quality is more important than speed and LGT will take its time.
«It is not important for us to be fast, but to find the right people for LGT,» Loretz said.
