The board of directors of Liechetenstein-based LGT Bank has elected Roland Schubert as new chief executive officer.
Current CEO Norbert Biedermann is to retire at the end of June 2017. Biedermann has been with the group since 1974 and was appointed CEO in 2011.
Schubert first joined LGT in 2002 after he worked for a number of private banks. He established the company’s private banking business in Germany.
As CEO of LGT Bank Deutschland & Co, he was directly responsible for the client business, the products and services offering and the Marketing, human ressources and controlling departments.
When LGT Bank Deutschland was sold in 2011, Schubert was appointed to the board of directors of Bethmann Bank before returning to LGT Bank in Liechtenstein in 2013, where he has since served as a member of the executive board responsible for the direct clients business.
As CEO, Schubert will retain this role.
“Norbert Biedermann has been at LGT for over 40 years. Only very few employees know our company and its procedures, processes and the inner workings of LGT and the financial sector as well as he does”, said Thomas Piske, CEO LGT Private Banking and chairman of the board of directors of LGT Bank.
“With the election of Roland Schubert, the board of directors has chosen a highly-qualified internal candidate with strong expertise in private banking who has for many years held a management position at LGT. This internal solution for succession underscores the importance that we attribute to continuity in management. We are convinced that this decision will set the course for the further successful development of LGT Bank.”
Also LGT Bank said Mark Steiner will join the executive board of LGT Bank. as from 1 July 2017, subject to approval of the authorities.
He has led the PB Operations, Projects and Master Data departments, and will continue to be responsible for these areas.
As of 30 June 2016, LGT managed assets of CHF143.4bn (€134.4bn).