LGT Group has just acquired ABN Amro's private banking business in Asia. The bank of the Prince of Liechtenstein is keen to swallow more, Olivier de Perregaux, the company’s finance chief, tells finews.asia.

Olivier de Perregaux, LGT Group has increased its profit by more than a fifth to 151.8 million Swiss francs in the first half of the year. How much has the private-banking unit you bought from ABN Amro contributed to this strong result?

The influence on the half-year result was relatively modest still as the closure of the transaction was at the end of April 2017. Most of the increase in earnings came as a consequence of the 9.6 billion francs in new money generated. And we also profited from the good development of the markets.

How do you explain the respectable inflow of new assets?

Through persistence and stability. LGT has pursued the same strategy for almost two decades with its focus on private banking and institutional asset management. At the same time, we also have our specific features. Our customers for instance appreciate the link to the princely family of Liechtenstein and the stability of ownership that goes along with this proximity.

«Broad-based inflows of new money»

We are not listed, which helps if you have a long-term business strategy. Our line of communication also is short and quick even though we’ve grown strongly in recent times.

In which regions did you acquire the most new assets?

We do not publish figures for individual regions. But there’s no one market which stood out. The inflow of money was broadly based both in private banking and in institutional asset management. We are in the right places and target markets active, both strategically as well as geographically.

«LGT is open for takeovers, but not in a hurry»

The development of new money also has to do with the recognition of our brand: in Europe, LGT is a strong brand, in Asia not quite as yet. We have however become better known through the acquisition of ABN Amro’s private-banking business in Asia.

LGT has acquired several companies over the past one-and-a-half years. Will you continue to make takeovers at this pace?

We still are open for takeovers should the opportunity arise. At the same time, we act cautiously and with prudence. We aren’t in a hurry or forced make an acquisition in any particular market.

How much money do you have available for further acquisitions?

I can’t give you a precise figure. We acquired clients assets worth 8 billion francs with Vestra and 18 billion francs with ABN Amro. We could make further such acquisitions if they make sense in terms of culture and strategy.

Olivier de Perregaux joined LGT Group as head of finance and IT in 1999. He’s been responsible for the finances of the group since 2001. Before joining the Liechtenstein-based bank, de Perregaux worked in strategic marketing at Zurich Financial Services and for McKinsey in Zurich and New York.