LGT, a private bank and asset manager owned by the Princely Family of Liechtenstein, has gone live with the Avaloq Banking Suite for its Austrian business.

The vendor said that its solution adheres to the unique market requirements of the country.

These include the local tax system as well as existing and future financial regulations.

The implementation of the solution is said to support a quicker time-to-market for new offerings and offer a holistic view of client activities.

LGT co-CEO in Austria Dietmar Baumgartner said: “The integration of Austria into LGT’s Group-wide core banking system makes it possible to benefit from synergies and further simplifies internal processes.

“The harmonisation of the banking software also facilitates the introduction of new applications in the future.”

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Baumgartner terms Austria as a “key jurisdiction” for the bank.

The vendor has enabled similar projects for the bank’s Liechtenstein, Switzerland, Singapore and Hong Kong operations.

The project in Austria completes Avaloq roll-out across LGT’s all “core strategic markets”.

With the latest project Avaloq makes its first foray in Austria.

The vendor’s solution can now be availed by private and retail banks in the country.

Avaloq CEO Jürg Hunziker said: “Avaloq is now able to support Austrian banks as the sector increasingly looks to digitise its infrastructure.”