With offices in Hamburg and Munich, Liechtenstein's LGT Bank is present in northern and southern Germany. Now its sights are set on its center and west.
The Liechtenstein bank LGT is looking to expand its private banking offering in Germany. It's been present with a branch in Hamburg for six months and staffed with around 20 employees and is currently offering its services in the Hanseatic city.
The LGT branch in Germany is headquartered in Munich, although no clients are served from there yet, that is set to change soon, a spokesperson told finews.com.
Duesseldorf, Cologne, and Frankfurt
Beyond that, preparations for further expansion are already with the search for new client advisors underway. LGT currently has several job openings posted on the German job portal «Stepstone.de», that aren't limited to the two existing locations, according to the online portal «Private Banking Magazin» (in German).
LGT is currently looking for client advisors, investment advisors, and assistants for Duesseldorf, Cologne, and Frankfurt.
Experienced Worker Shortage
It is actively looking for employees and is examining other locations, the spokesman confirmed. «These cities offer themselves as possible locations», but there are currently no concrete plans or a roadmap, he said.
Andreas Loretz, head of LGT's client business, previously raised the possibility of expansion in Germany. «In addition to the southern region, we are also looking at the central region,» he said in an interview. According to the report, the private banking staffing market in Germany is currently highly competitive.
LGT would not be the first bank whose growth plans were thwarted by the shortage of specialists.
