However, it asserted that it has always conducted its business in accordance with the applicable legal and regulatory provisions.

The data investigated by the PSI – which was based on the data stolen from LGT Treuhand in 2002 and goes back to the 1970s - is from a time when different regulations applied, and when there was no Qualified Intermediary (QI) agreement in place, LGT explained in a recent statement.

The specific cases mentioned in the subcommittee’s report are dated and do not in any way reflect LGT’s current business practices, it added.

To support this assertion and counter unjustified allegations, the bank revealed that it had decided to commission an independent investigation of its LGT Treuhand subsidiary, with the aim of obtaining an independent ruling as to whether LGT Treuhand's business practices conform to the applicable laws and provisions.

The investigating body will be an auditing firm of international repute, which has had no previous business dealings with LGT, the banking group announced last month.

It went on to state that the auditor would have unrestricted access to all documents and records, and would not receive any instructions from LGT regarding procedures.

LGT announced at the time that it would welcome and fully cooperate with any investigations by the Financial Management Authority (FMA) in Liechtenstein, and stated that it was also prepared to submit its own investigation to the FMA.

It explained that: "LGT Group aims to reinforce and accelerate its international growth strategy going forward. This strategy was launched approximately ten years ago and involves reducing LGT's dependence on the domestic market and diversifying its earnings base."

"In line with a fundamental business policy decision taken at the beginning of 2008, LGT's business plan will include additional investments in its local onshore banks in Europe’s German-speaking countries and in Asia, consideration of additional onshore locations in other European countries and a markedly stronger emphasis on developing the institutional asset management business."

"The decision also involves scaling down the business with US private clients, which has never been actively pursued and has always been of secondary importance for the bank in terms of volume and earnings."

"Further details about the strategic measures will be communicated in early autumn."

Earlier on this year, the group announced in its annual results, (published in March), that profits had grown as a result of the successful implementation of an international growth strategy focusing on onshore markets, Asia and asset management.

It stated at the time, however, that it expected its growth to "slow somewhat" in the short-term as a result of the events surrounding the data theft at LGT Treuhand in 2002 "and the illegal disclosure of the data to foreign authorities".

However, its medium-term outlook was more optimistic.