LGT, World’s Largest Family-Owned Private Bank, to Offer Crypto
LGT Bank, the financial institution owned by the princely House of Liechtenstein, is working with Switzerland’s SEBA Bank on the service.
LGT Bank, the financial institution owned by the princely House of Liechtenstein and part of the largest family-owned banking group in the world, is offering cryptocurrency custody and brokerage services to private clients, starting in Switzerland and Liechtenstein.
Swiss-regulated digital asset services provider SEBA Bank will provide the crypto services to LGT’s private banking and asset management group, which holds $285 billion (280 billion in Swiss francs) in assets under management.
Responding to growing demand among its wealthy clientele, LGT will initially offer investment services for bitcoin (BTC) and ether (ETH). The bank is in discussions to add more coins as well as staking and yield earning possibilities, according to Mathias Schütz, SEBA’s head of client and tech solutions.
“LGT is starting with their booking center in Liechtenstein for clients that are located in Liechtenstein and Switzerland,” Schütz said in an interview. “This will see further expansion over the next couple of months.”
In addition to Switzerland, SEBA Bank is active in Singapore, where LGT also has a booking center and a significant footprint, having acquired ABN AMRO Asia’s private banking operations in Asia and the Middle East in 2016.
“LGT is also seeing demand from relationship managers to expand the offering to Singapore and other locations,” Schütz said. “For instance, they have a representative office in the UAE (United Arab Emirates), in Dubai. So they also want to bring those locations into the play.”
UPDATE (May 4, 9:31 UTC): Changes featured image to Liechtenstein from Switzerland.
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