Two banks – LGT and Liechtensteinische Landesbank AG (LLB) – roll out the Avaloq Banking Suite in Austria. The Avaloq group is advancing its successful internationalisation strategy in a new market with this strategic cooperation.
LGT and LLB have been deploying the comprehensive, integrated solution from Avaloq for over five years now. LGT runs and uses the Avaloq Banking Suite in its strategic markets of Liechtenstein, Switzerland, Singapore and Hong Kong. Since rolling out the Avaloq Banking Suite in Liechtenstein and Switzerland, LLB has been tapping synergies from the group-wide use of its banking solution.
In integrating its Austrian activities, it is making a further major advance in its StepUp2020 strategy aimed at securing profitable growth. By extending the Avaloq Banking Suite to the Austrian market, the local branches of the two prestigious Liechtenstein-based financial institutions are set to join the Avaloq Community as part of a strategic cooperation project.
Both banks are looking to strengthen their Austrian activities on the basis of the Avaloq technology, thus underscoring the significance of this market. The Avaloq Banking Suite is being localised to accommodate the specific conditions in Austria, meaning it will also cover the requirements of the local tax system and financial regulations in future. The decision taken by both banks to develop the Austrian market with the aid of the Avaloq Banking Suite represents a further milestone in Avaloq's internationalisation strategy.
Dr. Kurt Mäder, Group COO and a member of LLB's Board of Management, comments: "Moving to Avaloq enables us to offer LLB customers in Austria the full range of LLB Group services, notably including the recently launched investment advisory solution LLB Invest."
Dr. André Lagger, CEO Business Unit Operations & Technology and a member of LGT's Group Management, adds: "With a common Group-wide software solution, we can take advantage of synergies and render our processes even more efficient. Our clients in Austria will therefore also be able to use our new online and mobile banking services in the future."
Francisco Fernandez, CEO of the Avaloq group, says: "We're delighted and proud to be given the opportunity to set up the technical foundation for successful growth in Austria for our two long-standing customers. Expanding our collaboration strengthens our presence in the European Union and will allow us to offer other Austrian banks access to our international community.