The banks in Liechtenstein and the Liechtenstein Bankers Association are orienting themselves by a new multi-year strategy. With a schedule reaching up to 2025, they hope to further develop their leading position in international asset management while at the same time becoming more innovative.
The banks of Liechtenstein are following a new approach to the future together with the Liechtenstein Bankers Association (LBA). To do so, they have produced a new multi-year strategy called the Roadmap 2025, which aims to link tradition and stability with innovation, according to a press release.
With the Roadmap 2025, they hope to contribute to the necessary transformation of the global economy towards more sustainability. LBA Chairman Dr. Hans-Werner Gassner is quoted in the press release, saying: “We are pursuing a comprehensive sustainability strategy, because we are convinced that our clients also expect their banks to play a part in solving the environmental and social challenges of our time.”
In order to be more innovative in the area of digital services in future, the banks and the association aim to work responsively henceforward. A structured change process has already been initiated for this.
At the same time, they want to build upon their leading international position as a center for asset management with an outstanding reputation. In total, banks in Liechtenstein manage assets worth over 360 billion Swiss francs and have an average core capital ratio of 21.7 percent.
To do so, the banking location is imposing a zero tolerance approach as before to corruption, tax evasion, money laundering, and terrorist funding, and it is adhering to transnational standards on the automatic exchange of tax information.
In order to continue to be perceived internationally as reliable in future as well, the LBA has additionally formulated a clear political priority to strengthen foreign relations in a targeted way and to work together in important, supranational bodies and organizations.
The finance sector is the most important sector of the economy of Liechtenstein after industry. It makes up 22 percent of gross value added.