To tap into one of the largest markets for private wealth in Europe, LGT is opening a private banking office in the northern German city of Hamburg, Liechtenstein-based LGT said in a statement Monday.

The bank had been servicing wealthy individuals based in Germany from Liechtenstein and Switzerland since it pulled its private banking operations out of the country in 2011. 

Team in Place

The team in the Hanseatic city consists of about 15 members under the leadership of Torsten Hein and Joerg Finck and is starting to build the business in the region. The German subsidiary is headquartered in Munich and will be headed by Florian Duerselen, a member of the executive board and head of private banking at LGT. Operational management falls to Andreas Loretz, the department head for Germany and Austria, according to the statement.

Further Expansion

The Hamburg team will initially handle LGT's business in Germany, which it said has long-standing private banking experience. As a new step, the firm will build out private banking in central and southern Germany, and in addition to the Munich headquarters and Hamburg office, «further locations in Germany are also being considered.»

LGT Chairman, Prince Max von and zu Liechtenstein said «having locations in Germany will enable us to advise our clients locally. It also means that qualified and committed relationship managers in the German market will have the opportunity to work for a highly successful, leading international private bank. Thanks to our long-standing experience in managing significant assets and our services, especially in the area of private markets, sustainable investments, and UHNWI services, our clients in Germany will have access to a unique offering.”

Client assets managed by LGT Private Banking and LGT Capital Partners amounted to 203.7 billion Swiss francs ($213.4) and 81.0 billion francs, respectively at the end of June, according to LGT.