Technology
Liechtenstein Private Bank Rolls Out Major Avaloq IT System
The Liechtensteinische Landesbank Group is rolling out a new IT platform based on Avaloq's banking software, the bank said this week.
The parent bank of the LLB Group in Vaduz and LLB (Switzerland) will introduce the new system at the beginning of 2011. The common platform will allow the LLB Group to take greater advantage of synergies, it said.
"One year ago, we set the course for the future by beginning the introduction of a uniform IT platform based on the Avaloq core banking system. While the group-wide launch of Avaloq 3.1 will be the beginning of 2011, we took an important step toward common banking software with the smooth introduction of release 2.7 at Bank Linth LLB the beginning of 2010," said Dr Kurt Mäder, member of the board of management of the LLB Group.
The introduction of the new banking software is the largest IT project in the LLB Group so far. A total of approximately 340 people are involved.
As at 30 June 2009, the LLB Group managed client assets totalling SFr47.6 billion.
