Liechtenstein’s LGT sees positive 2010 inflows- WSJ

* Has had good start to 2010, despite tax haven pressure

* Confident on 2010 performance, chief executive tells WSJ

ZURICH, Feb 4 (BestGrowthStock) – Liechtenstein’s LGT Bank has had a
good start to 2010 and expects “pretty positive” net asset
inflow for the full year, despite ever increasing pressure on
tax havens, its chief executive told the Wall Street Journal.

Liechtenstein’s largest bank, which became embroiled in a
tax evasion scandal in 2008 after Germany paid a former employee
for client data, has made an effort to become more transparent
and is attracting client funds outside its home base.
[ID:nLDE6101VZ]

Germany has told Switzerland it is ready to pay for data on
cross-border tax cheats, dealing a fresh blow to bank secrecy
laws in Liechtenstein’s larger neighbour as it struggles to
break a deadlock with U.S. tax authorities over disclosure at
banking giant UBS (UBSN.VX: )(UBS.N: ).

LGT Chief Executive Prince Max von und zu Liechtenstein told
the newspaper he was confident for the new year.

“It’s obviously still very early, but at the moment my clear
assumption is that there will be pretty positive net asset
inflow this year,” Prince Max said, adding the bank had a
positive net asset inflow in all its centres except in
Liechtenstein.

LGT, owned by Liechtenstein’s ruling family, suffered 1.6
billion Swiss francs ($1.51 billion) of net client withdrawals
in the first half of 2009 — or about 2 percent of total assets
— after a net outflow of 1.3 billion francs for the whole of
2008.

LLB (LLB.S: ) and VP Bank (VPB.S: ), Liechtenstein’s No. 2 and
No. 3 bank, also suffered heavy outflows due to the tax furore
surrounding offshore centres. [ID:nLR579380]

Investing Analysis

(Reporting by Sam Cage; Editing by Sharon Lindores)
($1=1.060 Swiss Franc)

Liechtenstein’s LGT sees positive 2010 inflows- WSJ