Bank Frick was established in 1998 by the Liechtenstein fiduciary Kuno Frick Sr (1938–2017) together with a number of financial investors. Today the Bank is owned by the Kuno Frick Family Foundation (65 per cent) and by Net 1 UEPS Technologies, Inc. (Net1; 35 per cent), a Nasdaq-listed financial technology company.
The original Bank Frick investors, along with the Frick family, were primarily the Austrian Bank für Arbeit und Wirtschaft (Bawag) and the Vienna-Life Lebensversicherung AG Vienna Insurance Group. Bawag sold its stake to Bank Frick in 2006, and the Bank was wholly owned by the Frick family between 2013 and September 2017.
The roots of the Bank lie in private banking and in the development of customised financial services for a discerning international clientele. Bank Frick has successfully added further business segments to its portfolio over the years, including Institutional Banking and fund services (custodian bank, paying agent, etc.).
Continuity in change
In 2007, the Bank moved to its new headquarters at Landstrasse 14 in Balzers, together with its workforce of 20 employees. Today, over 70 people work for Bank Frick.
Kuno Frick Sr was Chairman of the Board of Directors of Bank Frick until 2007, and in 2008, the next generation took over. Dr Mario Frick has been Chairman of the Bank since 2008 and is responsible for the Bank’s strategic management. Mario Frick is a lawyer and has his own law firm. He was Prime Minister of the Principality of Liechtenstein between 1993 and 2001.
Acquiring licences from Visa and MasterCard
In 2011, Bank Frick was the first Liechtenstein institution to receive acquiring licences from MasterCard and Visa, important building blocks in the growing area of payment solutions for e-commerce.
Also in 2011, Bank Frick opened its UK Branch in London with a view to being able to advise an international clientele and institutional clients in London.
Following the violent death of the former CEO Jürgen Frick in April 2014, Edi Wögerer took over the operational management of the Bank.
In 2016, Bank Frick and Net1 agreed on a strategic banking partnership.
In September 2017, Net1 acquired a 30 per cent stake in Bank Frick from the previous sole owner, the Kuno Frick Family Foundation.
Net1 acquired a further 5 per cent stake in Bank Frick in February 2018 from the previous owner, the Kuno Frick Family Foundation.