"Our sector is more exciting than its reputation"

Wirtschaftsforum: Mr. Dr. Löw, since when has the Liechtensteinische Landesbank been represented in Austria?

Dr. Robert Löw: The Liechtensteinische Landesbank was founded in Liechtenstein 160 years ago and initially expanded into Switzerland. The Austrian branch has existed since 2009. At the start, we offered our Austrian customers private banking, which includes wealth management and consulting. We entered the market very strongly. A few years ago, we decided to grow also through acquisitions. In 2018, we purchased Semper Constantia Privatbank, becoming the largest wealth management bank in Austria. With this acquisition, fund custody and depository banking services have also become one of our main business areas. Here, we are market leaders in Austria, managing over 300 mutual and specialized funds for both private and large-scale investors. From Constantia, we also took over the real estate business, and since then, we have also been a major provider of investor apartments - as a one-stop shop encompassing conception, management, and leasing. In March 2021, we further expanded our number one role in Austria by entering into a brokerage agreement for private banking with Credit Suisse (Luxembourg), which will be withdrawing from the Austrian market.

Wirtschaftsforum: What do your clients particularly value in wealth management?

Dr. Robert Löw: The know-how of the consultants is important, but so is the level of service, the willingness to go the extra mile. One needs digital state-of-the-art solutions, a good rating, and an innovative online mobile banking with digital portfolio and analysis tools. New to us is the LLB Invest Tool, which analyzes portfolios and supports the consultants. The perfect combination of consultants and digitization is an important trend for the future.

Wirtschaftsforum: So you are well set up digitally?

Dr. Robert Löw: Yes, but our focus remains on close personal cooperation with the customers and individualization. We are technically innovative, but the consultant is only supported by the machine. The profile of the consultants is changing. They need to look beyond the obvious and also consider things like familial situations or succession arrangements.

Wirtschaftsforum: How would you summarize the factors that make your bank so successful?

Dr. Robert Löw: I have been with it since the founding and know what our customers particularly value: We combine tradition with innovation, are high-performance, and enjoy great trust. Additionally, we have a strong local connection. We appeal to customers who want to benefit from the advantages of an international banking house. Our consultants are the best on the market. We invest in them regularly, and we succeed in keeping our key consultants. We have many long-standing employees and also a powerful product range.

Wirtschaftsforum: What about young professionals?

Dr. Robert Löw: There are too few. We need to invest in young talents to avoid an aging workforce. Our industry is much more exciting than its reputation.

Wirtschaftsforum: What are your goals for the current year?

Dr. Robert Löw: We aim for profitable growth, not growth at any cost. Of course, this also requires stable capital markets. Despite Corona, we had all-time highs on the stock markets. Next year, we are entering a new strategic period and, as before, aim to continue to grow organically. More acquisitions are possible, however, and our goal is to emerge as a consolidator from the market adjustment in the banking industry.