Briefings circulated in M&A circles and accessed by finews suggest that Bank Frick, the Liechtenstein-based B2B specialist with a strong focus on digital assets, is the subject of a strategic options review supported by PwC, potentially including a sale.

According to those briefings, the bank’s owner, the Kuno Frick Family Foundation, is assessing ways to support the next phase. The information has not been confirmed publicly by the parties involved.

Silence in Balzers

finews contacted Bank Frick for comment on Wednesday morning regarding the reports. The Balzers-based bank did not respond to a request for comment. 

In operational terms, Bank Frick has been building out its international footprint. As reported by finews, the bank secured a licence in Dubai and expanded its presence in the Gulf region.

MiCAR Access to Europe

The bank has also been sharpening its regulatory positioning in Europe. It announced MiCAR authorisation in January, a step seen as strategically important for serving digital-asset and fintech clients within the European framework.

Recent financial disclosures, however, show a more challenging earnings backdrop. In the first half of 2025, Bank Frick reported net profit of 4.5 million francs (down 18.2 percent year-on-year) and assets under management of 5.03 billion francs (down 10.8 percent), as previously covered by finews.

Upper Tier Among Liechtenstein's Smaller Banks

With AuM around 5 billion francs, Bank Frick sits in the upper segment of Liechtenstein’s smallest banks. By end-2024 figures, it ranked ahead of Bendura (around 3.5 billion francs), Sigma (around 3.0 billion francs) and EFG Bank von Ernst (around 1.5 billion francs), the latter part of EFG International.

Governance and infrastructure, meanwhile, point to continuity. Bank Frick recently expanded its board by appointing Marzia Thüring-Menegon, according to the bank’s press release in early February. At the same time, it also awarded the architecture contract for a new head office, as detailed in a separate announcement.

The Bank Remains Strategically Active

At this stage, there is no public confirmation of a formal sales process, and the bank remains profitable, well-capitalised and strategically active — even as earnings and AuM have come under pressure.

One M&A bonmot fits the moment: if the price is right, every company is for sale — and that is especially true for smaller banks.