Liechtenstein

After the acquisition of two financial institutions in Switzerland and Austria within just two months, the shopping spree of Liechtenstein’s largest listed bank may not have come to an end yet, Bloomberg News reported. "We are interested in further takeovers in Liechtenstein, Switzerland and Austria. We have around 400 million francs of surplus capital that we can use for mergers and acquisitions," Roland Matt, Group CEO of Liechtensteinische Landesbank AG (LLB), said in an interview with Bloomberg. He pointed out that acquisitions would have to strengthen existing activities of the bank.

Liechtenstein's largest bank said it is abandoning its tradition-rich trust business, seeking to distance itself from accusations from officials in Germany and the U.S. that it helped rich foreigners evade taxes, The Wall Street Journal reported. The move by LGT Group, which is owned by the tiny Alpine principality's royal family, marks a move away from a mainstay of Liechtenstein banking: the formation of secretive foundations as tax shelters.