LLB (Österreich) AG completes migration to the LLB Group core banking system

Vaduz / Vienna, 7 January 2020. The LLB Group has taken another stride forward in implementing its StepUp2020 strategy, which targets sustained profitable growth. Its Vienna-based subsidiary bank, Liechtensteinische Landesbank (Österreich) AG, completed the move to the Avaloq core banking software at the beginning of 2020. This will create further synergies and offers potential for expansion when it comes to joint solutions and client packages within the LLB Group.

Liechtensteinische Landesbank AG and Bank Linth LLB AG have been using Avaloq as their core banking system software for a number of years. Only the Group's subsidiary bank in Vienna, Liechtensteinische Landesbank (Österreich) AG, used a separate software solution in the past. Following the successful migration process at the beginning of this year, all banks within the Group now use the same core banking solution.

"With this switch to the Avaloq Banking Suite software and our simultaneous launch of the cutting-edge LLB Portfolio Analysis portfolio information system, our clients will reap the full benefits of the LLB Group's digitalisation initiative," says Robert Löw, CEO of LLB (Österreich) AG. "In the future, we will also be able to offer our clients products and services from our parent company, such as online and mobile banking, and our innovative investment advisory and asset management solution, LLB Invest."

Patrick Fürer, COO of the LLB Group, adds: "I am very proud of what our employees have achieved. Over the past year, they have worked flat out to ensure that LLB (Österreich) AG was able to complete its migration to our Avaloq core banking system right on schedule at the beginning of 2020. With the same core banking software in use across the Group, we are making good progress as we automate our processes. We are also making use of significant synergies by centralising our execution processes and, thanks to the wide range of new investment solutions, we are also increasing the added value to clients of LLB (Österreich) AG."