LGT Bank, which is controlled by the family of the Prince of Liechtenstein, has appointed a new chief executive officer. Norbert Biedermann is retiring after 40 years of service to the company.
Norbert Biedermann is stepping down as CEO of LGT Bank, based in Vaduz. Biedermann was at the institute for more than 40 years, the company said in a statement.
LGT appointed Roland Schubert to take over at the helm of the company. The German citizen is a member of the executive board and currently in charge of the direct clients business. He joined the bank in 2002, developing the German business.
New Executive Board Member
After the German unit was sold in 2011, Schubert joined Bethmann Bank, but decided to return to Vaduz in 2013. He will formally take charge of the bank on July 1, 2017.
LGT Bank also appointed Mark Steiner to the executive board. He is in charge of the operations, projects and master data departments. LGT Bank is part of the private banking within the group. Private banking is being managed by Thomas Piske.
Asian Expansion
In December 2016 LGT reached an agreement with Dutch bank ABN Amro to acquire its private banking business in Hong Kong, Singapore and Dubai.
The acquisition with approximately $20 billion in assets under management by way of an asset purchase agreement marked a major step in LGT’s growth strategy and will further enhance its footprint in Asia and the Middle East.
As a result of the transaction, LGT expects to increase its assets under management to more than $40 billion in Asia and to $160 billion overall.
