LLB Österreich switches to Avaloq
The Austrian subsidiary of Liechtensteinische Landesbank (LLB) has migrated to the core banking system of the LLB Group, Avaloq, at the start of the new year. This means that all banks within the Group structure are working via standardized banking software.
Liechtensteinische Landesbank and Bank Linth have been using the banking software Avaloq for several years now, the LLB states in a press release. The Austrian subsidiary, LLB Österreich, had, in contrast, still been using a different software suite up until now. However, right after the beginning of the new year, the bank, which is headquartered in Vienna, has made the switch to using the banking software designed by Avaloq, a Zurich based fintech. The transition to a uniform core banking system will allow the LLB Group to offer its full product and service portfolio via LLB Österreich now as well.
Patrick Fürer, COO of the LLB Group, was quoted in the press release: “With the same core banking software in use across the Group, we are making good progress as we automate our processes. We are also making use of significant synergies by centralising our execution processes and, thanks to the wide range of new investment solutions, we are also increasing the added value to clients of LLB (Österreich) AG".