March 07, 2023
Press release on the decision to voluntarily liquidate Sora Bank AG and to surrender the banking licence
Sora Bank AG has held a banking licence since 2001, until December 2022 under the name Bank Alpinum AG.
Since the acquisition by a new majority shareholder in September 2021, attempts have been made to restructure Sora Bank AG (formerly Bank Alpinum AG). Despite great efforts on the part of the employees, the Executive Board and the Board of Directors, these attempts have not succeeded. Sora Bank AG continually makes losses every year and no change in the situation is foreseeable.
After careful deliberation, the shareholders therefore agreed today to dissolve Sora Bank AG and enter into voluntary liquidation. The general assembly has decided to renounce the banking licence. The written renunciation has been submitted to the financial market supervisory authority.
The customers of Sora Bank have placed their trust in us. This also comes with great responsibility. Sora Bank AG and its owners are now fulfilling this responsibility by taking the necessary measures at an early stage. The shareholders of Sora Bank AG have consciously taken the step of voluntary liquidation. For the shareholders and the bank, it is important that the interests of customers and creditors are protected.
The liquidation will be managed by KMPG (Liechtenstein) AG as auditor under banking law. In addition, Heinz Konzett – who was already a member of the Executive Board – has also been appointed as co-liquidator. The financial market supervisory authority is taking the requisite measures for the execution of the liquidation and the processing of ongoing business and issuing the necessary instructions to the liquidators. Moreover, the authority is overseeing the liquidators and the liquidation process.
We wish to take this opportunity to express our thanks for the trust placed in us and hope that all affected parties are able to understand this step. All employees also deserve gratitude and recognition for their commitment.
Phone: +423 239 62 11
Contact: info@sorabank.com
February 15, 2023
Sora Bank names new management
Liechtenstein-based Sora Bank AG has a new leadership team.
Marcos Montero, who has extensive international banking and finance experience, has been appointed new CEO and spokesman of the executive board. Peter Vesco, a veteran finance and fintech manager whose focus is on innovation and digitalization, will be Chairman of the Board of Directors.
“The global financial services market is progressing dynamically,” said Vesco. “The embedded and digital banking sectors in particular offer attractive opportunities. Our strategy aims to enable our clients to take advantage of these developments and make the Liechtenstein financial center even more attractive.
“Marcos Montero is a proven specialist in the financial industry,” Vesco added. “He will multiply his know-how, lead teams and employees, and successfully align the bank with new business areas.”
The owners’ meeting also resulted in Michael Zollinger being appointed to the Board of Directors. Roger Ganz remains a member of it.
Zollinger is currently a partner at ISP Group. In previous positions at major Swiss banks over the past 15 years, he was responsible for institutional clients in Latin America.
The new management team seeks to further expand Sora Bank’s core private banking business and win new mandates with innovative services.
Says new CEO Montero: “The Sora team’s in-depth product expertise and network will put Sora Bank back on a sustainable growth path. We will differentiate ourselves from the competition with a positive, solution-oriented culture.”
Sora Bank AG is an independent private bank based in Triesen in the Principality of Liechtenstein. The bank’s core business is private banking services.