LGT Bank (Austria) Ltd

Beginning of cooperation Last contact Last update
July, 2009 October, 2017 August, 2014

GSL reference about the bank

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated 1 601 A+
    Year of foundation 1920
    History The Bank in Liechtenstein was founded in November 1920. In 2004 a representative office of LGT was opened in Austria, and in 2007 LGT Bank (Osterreich) AG was launched with a full banking license. In September 2012 the Bank was transformed from an Austrian subsidiary bank into a branch of LGT Bank in Liechtenstein Ltd
    Personnel The LGT Group employs approximately 1900 people overall, of whom about 100 work in the Austrian branch. The Eastern European Desk has 8 people and all of them speak Russian
    Bank’s shareholders The Bank is fully owned by the Princely Family of Liechtenstein, whose wealth is primarily deposited at LGT Bank
    Confidentiality Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    300 000 3 150 000 3
    Minimum balance, € From EUR 300 000 to EUR 500 000. The ‘ideal’ client for the bank is an account holder with EUR 1 000 000 assets
    Transactions permitted per month Although the bank holds itself out as a savings bank, a limited number of transactions are still permitted. Thus, in the case of the average minimum balance of EUR 500 000, one can make up to 3-5 transactions a month. However, the terms and conditions are always to be discussed individually
    Initial deposit of funds, € EUR 150 000 is the minimum amount for the account to be opened and it should be increased to the required sum of the minimum balance within the first year
    Deadline for the initial deposit, month The initial deposit is expected within 3 months. If the account stays ‘empty’ for a year, the bank will suggest that the client should close it
    How fast payments are executed The value date is 2 days. An urgent transfer is made same-day (if instruction comes in before the cut off time). An ordinary transfer – plus 2 days. There is no extra charge for urgent transfers. The cut off time is 14.00. EUR - 15.30, USD - 16.30, CHF - 14.00

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    100 0 200 5 000 10 000
    Outcoming transfer, € The transfer fee is 0.2% of the amount of the payment, but not less than EUR 50 and not more than EUR 500
    Incoming transfer, € There is no charge on incoming transfers
    Account maintenance, €/year Maintenance of the account – EUR 200 per annum. Closure of the account – EUR 200
    Payment limit for credit cards, €/day Depending on the type of card, there are four payment limits: EUR 5 000, 15 000, 30 000, and 50 000
    Funds to be blocked for CC issue, € The bank normally blocks the amount twice as large as the payment limit. However, a card is only issued if the balance is at least EUR 300 000
    Distant access to the account By telephone, via fax – with or without codes (as the client wishes). Internet-banking - only to view the account
    Financial products One may invest in the Princely Portfolio. Asset management, individual financial planning, advice on all investment instruments and wealth management, estate planning. Philanthropy and fine art advice. The bank also offers loans for purchase of Austrian real estate (terms and conditions are to be discussed individually)
    Credit/debit cards Visa and MasterCard. Credit cards Platinum and Centurrion Black Card are available (if the account balance is more than 1 000 000)
    Hold mail Free of charge, as it is included in the maintenance fee

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    14 14 Not necessary Detailed Savings
    Visit to the bank It is not mandatory to visit the bank to have the account opened, this can be done remotely. However, it is necessary to get to meet your relationship manager within 3 months. The bank’s representative visits Moscow once a month
    Required Copy of foreign passport. For corporate customers - standard set of documents in accordance with jurisdiction
    Types of accounts Personal; Corporate; Savings
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located; it is possible to open an account without visiting a professional introducer
    Chances to open an account Predictable
    Business description Requirements for the business description are standard: the account of how the business was established and where it stands now, origin of funds, details of biography and contact details of the beneficial owner of the account
     
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