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Andres Fischer
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LGT Chooses Avaloq

LGT, the financial institution of the Princely House of Liechtenstein, has opted for the comprehensive banking solution offered by Avaloq. It will use the Avaloq Banking System throughout the LGT Group in Liechtenstein, Switzerland, Germany and Singapore. This is a further key step in Avaloq's internationalisation, and consolidates the company's positioning in private banking.

LGT, the Princely House of Liechtenstein's private bank, signed a contract with Zurich-based software company Avaloq on 24 August 2006. It will use the Avaloq Banking System throughout the LGT Group in Liechtenstein, Switzerland, Germany and Singapore. Francisco Fernandez, CEO of Avaloq, said, "LGT's decision strengthens our position in private banking and is a key step in the internationalisation of our company."

Over the next few years, LGT will introduce the Avaloq Banking System as a central transaction processing solution, replacing the system which it uses now. Avaloq already meets local requirements in Liechtenstein, Switzerland and Singapore. LGT has also had its own banking units in Germany since 2003, and the Avaloq Banking System will therefore be adapted to the German market and its legal requirements, thereby opening up a new market for Avaloq. The system will be installed as a multi-instance installation in each individual country.
Multiple Implementation Partners

A number of implementation partners will assist the LGT banks in rolling out the Avaloq Banking System. Major support will be provided by COMIT AG, which is an internationally oriented company with many years of experience in implementing the Avaloq Banking System. COMIT AG already supported LGT in conducting the feasibility study.