Liechtenstein private bank LGT mulls further Asian acquisitions
CEO Prince Max von und zu Liechtenstein sees strongest growth prospects in the region as pricing of potential targets becomes ‘more attractive’
LGT, the private bank from Liechtenstein which acquired ABN Amro’s Asian private bank earlier this month, is targeting further growth in the region.
Despite the many headwinds facing the industry, it is looking out for other potential acquisitions, its chief executive told the Post.
LGT said that it expected to see its assets under management in Asia rise to over US$40 billion as a result of its acquisition of ABN Amro’s Asian and Middle Eastern operations that was announced on December 6.
“If you look at the private banking industry, we continue to see the strongest growth in Asia, both short and long term, so it makes sense for us to continue to invest here,” said Prince Max von und zu Liechtenstein, chief executive of LGT.
LGT is owned by the princely house of Liechtenstein, a tiny state in Europe that borders Switzerland and Austria. Prince Max is the younger brother of the current Crown Prince
“This overall strategic rationale is not new, we have been looking at acquiring in Asia for a while, but at present, because more people are selling than buying, the pricing has become more attractive.”