Progress

2013 was dominated by the Focus2015 strategy. We have already reached various milestones (see chapters «Retail & Corporate Banking», «Private Banking», «Institutional Clients»). In 2013, we elaborated customer segmentation and optimized our sales network. We geared our online channels towards our clients’ mobile requirements through the introduction of a very comprehensive mobile banking app. Furthermore, we launched «LLB Xpert views»: a unique online platform for institutional clients. Other milestones in the implementation of our strategic initiatives include the sale of Jura Trust AG as well as the closure of LLB (Switzerland) Ltd. together with the sale of the Lugano bank branch.

As announced in March 2013, we discontinued banking activities at Liechtensteinische Landesbank (Switzerland) Ltd. as at the end of December 2013. LLB Verwaltung (Schweiz) AG, the successor company with registered offices in Zurich-Erlenbach, is responsible for the final settlement of the remaining positions and subject to the supervision of the Swiss Financial Market Supervisory Authority (FINMA). We were also able to conclude the sale of the Lugano bank branch to PKB PRIVATBANK SA as of the end of 2013. Consequently, a major part of LLB (Switzerland) Ltd.’s business volume of approximately CHF 2 billion as well as all of the 24 employees were transferred to PKB. The premises in Stampfenbachstrasse in Zurich were sold and the sale of the premises in Lugano was launched.

From a Group-wide perspective, the closure of LLB (Switzerland) Ltd. together with the sale of the Lugano bank branch resulted – as expected – in an outflow of approximately CHF 3.2 billion. The Geneva and Zurich-Erlenbach business locations will now be run as representatives of LLB AG, Vaduz, focussing on clients from Central and Eastern European markets.

Since the end of 2012 we have as a whole been able to reduce the LLB Group’s headcount from 1'090 to 925 full-time staff. Thanks to our strategic initiatives, our company can provide good prerequisites in order to compete successfully.

In 2013, we also focused on reducing the number of non-strategic markets and clients as well as on implementing the variable compensation system and strengthening performance culture. In 2014, the LLB Group intends to reinforce its earning power by introducing product and service innovations, revising its pricing models, consciously using synergies in its business processes and by further systematizing its market penetration.

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