The Liechtenstein Bankers’ Association is celebrating its 50th birthday. The association is becoming ever more important in the face of increasing complexity, writes President Hans-Werner Gassner in an opinion piece. The Association could even increasingly assume operational responsibilities.
The Liechtenstein Bankers’ Association (LBA) was founded in September 1969. Back then, the banks in Liechtenstein had cumulative total assets of 1.5 billion Swiss francs and employed a total of 272 staff. Since then, these values have risen to 67 billion francs and 2,125 employees respectively, as outlined by Hans-Werner Gassner, President of the LBA, in an opinion piece published in “Wirtschaft Regional”. He commented that “The Liechtenstein banking industry is well-placed and well-equipped to deal with future challenges”.
From Gassner’s perspective, “an association remains the best organizational structure for a common approach”. With the LBA’s member banks agreeing common positions, they are able to speak with one voice to the outside world and together represent their joint interests. The Association’s training and further training schemes in addition to its defined, binding minimum standards are of benefit to all LBA members.
In the future, the LBA could increasingly assume operational responsibilities for its members – this would be in reaction to the industrialization of the banking industry and cost pressures on banks, according to Gassner. The Villa Wirbelwind child day care facilities are a good example of this.
The LBA will become ever more important, Gassner believes. It offers its members a platform to reduce complexity for themselves and other stakeholders. The LBA will be celebrating its birthday on November 21 and 22, 2019.