Liechtenstein-headquartered LGT’s onshore Australia unit is reportedly expanding with new hires and an enlarged offering.
LGT Crestone – the bank’s Australia onshore unit – is seeking expansion by hiring fresh talent and making new additions to its offering, according to an «AFR» report citing CEO Mike Chisholm.
On talent, LGT is looking to add a head of family office advisory to join the team in Australia. And on its offering, the bank is planning to apply for a license that would allow direct lending to clients, including non-retail mortgages, rather than the current arrangement of lending via an offshore entity.
«We are currently looking to leverage the broader capabilities of LGT Group’s financing offering to cater for the investment needs of our sophisticated client base,» Chisholm said. «This would be a natural progression following the successful launch of our multi-currency Lombard lending solution last year.»
UBS Re-Entry
One of LGT’s major competitors in Australia is UBS which re-entered the onshore market via the takeover of Credit Suisse this year. The wealth management business is led by ex-Credit Suisse private banker Michael Marr and houses around 110 staff. UBS first exited Australia in 2016 through a management buyout and the business was acquired by LGT in a $475 million deal which closed in 2022.
According to the bank, LGT’s latest moves were not made with the UBS-Credit Suisse integration in mind.
«We don’t design our product and service offering targeting any one competitor, but continuously look for opportunities to better service the needs of wealthy Australians,» said a spokesperson for LGT Crestone.
