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BANQUE&

FINANCE THE MAGAZINE OF THE SWISS FINANCIAL CENTER

2013

308 BANQUES À LA LOUPE

All that you will want to remember (or forget) about the year 2012

Les places financières suisses face au reste du monde

Tout ce que vous voudrez (ou non) garder en mémoire à propos de l’année 2012

L’ANNÉE BANCAIRE

SWISS BANKING YEARBOOK

How do the swiss financial centers compare to the rest of the world 308 Bank profiles

CHF 12.- / 10 €


From the Editor

« IL EST DES BONNES HABITUDES QUI MÉRITENT D’ÊTRE CONSERVÉES. Celle qui consiste, chaque année, à regarder ce qu’a été l’actualité d’un secteur d’activité au cours des mois précédents en est une. Le temps d’un numéro, chacun peut ainsi se remettre à l’esprit la façon dont il a réagi à telle ou telle information et regarder le chemin parcouru depuis cette date. Depuis 2001, Swiss Banking Yearbook fait partie de ces bonnes habitudes. Parcourir le contenu des onze éditions précédentes a été, pour moi, une démarche fort intéressante pour analyser l’évolution de la place financière suisse. A un moment charnière de son histoire, l’industrie bancaire montre ainsi ce qui a conduit à de tels bouleversements mais aussi les points forts sur lesquels elle peut aujourd’hui capitaliser pour trouver sa place dans un monde des affaires où les règles changent mais où les acquis restent et ne demandent qu’à être transformés en avantages compétitifs. La lecture de l’interview que nous a accordée Stéphane Garelli et qui conclut cette édition est, à ce titre, particulièrement porteuse d’espoir. Il en va de même pour la photographie de la (des) place(s) financière(s) suisse(s) et de l’image qu’elle(s) conserve(nt) parmi les professionnels du monde entier que nous vous avons préparée pour vous en exclusivité avec Z/Yen group, institut dont le Global Financial Centers Index fait référence. Les chiffres, enfin. Ceux que nous vous proposons concernent l’activité 2011 de 305 banques en activité au 31 décembre dernier. A quelques semaines de la publication, par ces mêmes établissements, des résultats de leurs activités 2012, ils permettront de mesurer la capacité de rebond du secteur. Des résultats que vous pourrez désormais retrouver sur le nouveau site internet de Banque&Finance au fur et à mesure de leur officialisation. Car si les bonnes habitudes méritent donc d’être conservées, il faut aussi les adapter à leur temps. Adaptation, un maître mot en cette année 2013 !

S

Photo: Lucile Dubost

Swiss Banking Yearbook’13

Change!

OME CUSTOMS STAND THE TEST OF TIME and are worth perpetuating. One such custom is remembering what made the news in such-and-such a sector in recent months. In these pages, readers will be able to recall how they reacted to a particular headline or issue, and see how the story has developed since then. Since 2001, Swiss Banking Yearbook has played its part in such reviews. For me, re-reading the last 11 editions has been an extremely illuminating way of analysing the evolution of Switzerland’s financial sector. At such a crucial time for the banking industry, there’s no hiding from what caused the seismic upheavals, but at the same time its many strengths still shine through. And it’s armed with these positive attributes that the Swiss financial industry will find its place in a business world where the rules might be changing, but where experience counts, needing simply to be transformed into a competitive advantage. With this in mind, the interview with Stéphane Garelli that concludes this edition gives particular hope for optimism. The same can be said about the photographs taken of the Swiss financial sector and its image among industry professionals around the world, which we have produced for you exclusively with Z/Yen group institute, which compiles the highly respected Global Financial Centers Index. Finally, a word about banking results. In this edition, we’ve highlighted the 2011 activity of 305 banks operating as of 31st December last year. With the publication of these institutions’ 2012 results only weeks away, the figures provided here will serve as a useful yardstick and give an idea of how well the sector has managed to bounce back. Their forthcoming results will be available online via our new Banque&Finance website as and when they are published. Clearly, if good practice is worth keeping, it must also move with the times. Change is evidently the watchword for 2013! n frÉDÉRIC BARILLET f.barillet@banque-finance.ch

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

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IMAGINE A BANK Investment advice · Personal asset management · Financial planning · Legal and fiscal advice Pension plans · Mortgage advice · Wealth management solutions · Philanthropy advice Lombard Odier & Cie Rue de la Corraterie 11, 1204 Geneva T 022 709 29 88 · geneve@lombardodier.com

Lombard Odier & Cie Utoquai 31, 8008 Zurich T +41 (0)44 214 14 40 · zurich@lombardodier.com


Imagine a bank where your interests really do come first. Imagine a bank without risky sovereign debt or toxic assets on its balance sheet. Imagine a bank whose owners have steered a course through over 40 financial crises. Imagine a bank that’s been looking forward for seven generations. Imagine a bank that manages and protects your family’s wealth.

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Contents Swiss Banking Yearbook’13

2012

2012

Timeline

Timeline

09

SWITZERLAND – Bowing to increasing pressure, PHILIPP HILDEBRAND finally announces his RESIGNATION with immediate effect “to guarantee the credibility of the institution”. Vice-president Thomas Jordan, from Bern, takes over at BNS on an interim basis. Hansueli Raggenbass also leaves the bank’s executive board after criticism about his handling of the affair. He is replaced by Jean Studer from Neuchatel.

Le réveillon est à peine terminé lorsque la nouvelle tombe: le Conseil Fédéral a fait examiner les comptes bancaires du président de la Banque Nationale Suisse, Philipp Hildebrand, à la suite d’informations qui lui ont été transmises par Christoph Blocher. Son épouse, Kashya Hildebrand, aurait commandé à la banque Sarasin l’achat de quelque 500 000 dollars contre des francs trois semaines avant l’annonce de la fixation du cours plancher du franc contre l’euro.

Cédant à la pression, Philipp Hildebrand abandonne finalement ses fonctions avec effet immédiat “afin de garantir la crédibilité de l’institution”. C’est son Vice-président, le Bernois Thomas Jordan, qui prend les rênes ad intérim. Critiqué pour sa gestion de l’affaire, Hansueli Raggenbass quitte pour sa part le Conseil de Banque où il est remplacé par le Neuchâtelois Jean Studer.

BANQUE &

FINANCE THE MAGAZINE OF THE SWISS FINANCIAL CENTER

Managing Publisher and Editor-in-chief Frédéric Barillet Outline and Layout Emilie Hébrard, Lucile Dubost Translation: Daniel Johnson, Transpose

©Photo: DR

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Philipp Hildebrand

2011

January / Janvier

2012

January / Janvier

January / Janvier

January / Janvier

03

Les banques présentes en Suisse classées par type d’activité.

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Le Sonntags Zeitung en fait sa Une : les banques suisses pourraient se voir contraintes de vérifier le statut fiscal des avoirs étrangers qu’elles détiennent en vertu d’un plan dit d’argent propre proposé Eveline Widmer-Schlumpf. Egalement ministre des Finances, elle voudrait que les banques aillent au delà de la déclaration fiscale des déposants étrangers et qu’elles vérifient les cas suspects d’évasion fiscale pour s’assurer qu’elles sont en conformité avec la loi. Elle entend soumettre cette proposition au Conseil fédéral trois jours plus tard. Si les banques se sont toujours opposées aux vérifications obligatoires, l’exécutif subit des pressions pour parvenir à un accord avec les Etats-Unis au sujet des avoirs non déclarés dans les banques suisses et cherche à sauvegarder la réputation de ces banques.

Eveline Widmer-Schlumpf

February/Février

January/Janvier

Banks operating in Switzerland categorised by type of activity.

19

SWITZERLAND – Swiss weekly Sonntags Zeitung leads with the story that the confederation’s banks may be forced to check the tax status of their foreign assets as part of a “CLEAN MONEY” strategy put forward by EVELINE WIDMER-SCHLUMPF. Under the plan by Mrs Widmer-Schlumpf - the country’s Swiss President and finance minister - banks would be expected to go beyond simply declaring foreign assets and check suspected tax evasion to be sure of their legality. She intends to present the plan to her fellow federal councillors three days later. While banks have long resisted the idea of automatic checks, the Swiss government faces US pressure to reach an agreement on undeclared assets held by the country’s banks, while at the same time trying to protect their reputation.

27

USA –Southern District of New York City prosecutors ACCUSE THREE SWISS BANKERS of helping clients hide $1.2 billion from US tax authorities, without naming the bank where they work. The revelation goes almost unnoticed in Switzerland where all eyes are on the Hildebrand affair.

USA – The three executives charged by New York City prosecutors work for Switzerland’s oldest bank, WEGELIN & CO. With its back to the wall, the bank hands over much of its business to Raiffeisen. Only days later, however, Wegelin finds itself back in the spotlight as one of 11 banks – including Credit Suisse and Julius Baer – suspected of fraud by US authorities.

Le procureur du district sud de New-York accuse trois banquiers suisses d’avoir aidé certains de leurs clients à cacher 1,2 milliard de dollars au fisc américain, sans toutefois rendre public le nom de la banque qui les emploie. L’information passe quasiment inaperçue dans une Suisse tenue en haleine par l’affaire Hildebrand.

Les trois cadres concernés par l’accusation du procureur de New York appartiennent à Wegelin & Co, la plus vieille banque privée helvète. Acculée, la banque cède la plus grande partie de ses activités à Raiffeisen. Mais quelques jours plus tard, elle se retrouve néanmoins jetée sous les projecteurs de l’actualité comme faisant partie des onze établissements, dont Credit Suisse et Julius Baer, soupçonnés de fraude par les autorités américaines.

©Photo: DR

01

SWITZERLAND – The dust is still settling from the New Year celebrations when news filters out that the Federal Council has launched a probe into bank accounts belonging to PHILIPP HILDEBRAND, president of the Swiss National Bank, after receiving information from Christoph Blocher. His wife, Kashya Hildebrand, apparently instructed Sarasin bank to buy approximately $500,000 using Swiss francs, three weeks before the announcement to cap the value of the franc against the euro.

February / Février

22

SWITZERLAND – Facing continuing pressure from the United States, the Federal Council agrees to the principle of EXCHANGING FINANCIAL INFORMATION WITH THE US tax office. Switzerland will cooperate on the double condition that there is suspected repeated illegal behaviour with regard to banks’ assets and that they are actively involved. The 11 indicted Swiss banks can now hand over encrypted commercial data to the US in accordance with article 271 of the Swiss Penal Code concerning “unlawful acts on behalf of a foreign state”. Sous la pression continue des Etats-Unis, le Conseil fédéral accepte le principe d’échange de renseignements avec le fisc américain. La Suisse accordera l’assistance administrative à la double condition de l’existence d’un comportement illégal reproduit en série et de la participation active des établissements bancaires concernés. Les 11 banques incriminées peuvent officiellement transmettre aux autorités américaines des documents commerciaux cryptés en dérogeant à l’article 271 du code pénal.

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

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February / Février

February / Février

February / Février

28

SWITZERLAND - Pierin Vincenz, chief executive of RAIFFEISEN, calls for the country to bow to all international demands for an AUTOMATIC EXCHANGE of tax information. He is the first major Swiss banker to openly advocate unrestricted sharing of client data with other countries. For Mr Vincenz, it’s only a matter of time before the European Union force suchs a deal in future. Pierin Vincenz, Président de la direction du groupe Raiffeisen, demande que le pays accepte désormais toutes les demandes étrangères d’échange automatique de renseignements fiscaux. Il est le premier dirigeant d’une grande banque suisse à préconiser ouvertement le partage sans restriction de données de clients avec d’autres pays. Pour lui, il est temps de se résoudre à cette mesure qui sera inévitablement imposée par l’Union européenne à l’avenir.

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

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Timeline

All that you will want to remember (or forget) about the year 2012

Database management: Arnaud Barillet Marketing Florence Ray Advertising Médiapresse Pub SA Rue de la Vigie 3 1001 Lausanne Tel. +41 21 321 30 77 Fax +41 21 321 30 69 In charge: Pierre Chappuis, Roye Yarden Subscriptions E-mail: abo@banque-finance.ch CCP: 12-17931-5 1 year subscription (6 issues) CHF 70.2 year subscription (12 issues) CHF 100.Tel. +41 22 809 94 53 In charge: Maïssa Naufal Published by Alter Ego Médias Boulevard Georges Favon 43 1204 Genève Tel. +41 22 501 70 15 E-mail: info@banque-finance.ch Banque&Finance magazine is issued 4 times per year and publishes 2 supplements per year. © Alter Ego Médias - March 2013

BANQUE&FINANCE is a trademark, property of Promoédition SA, Genève. Owner: Roland Ray

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An exclusive survey on the Swiss five main financial centers by the Z/Yen Group.

Survey

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Une étude exclusive réalisée par le Z/Yen Group sur les cinq principales places financières suisses.

How do the Swiss financial centers compare to the rest of the world

Badoux  75-76 Banque Privée Edmond de Rotschild  5 Caceis  8-9 Cargill  7 Credit Suisse  31 Devillard  10 eCom-Swiss IT  40 Elca  55 Equinix  51 Finnova  45 Hortis  32-33

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

Incore  57 Lombard Odier & Cie 2-3 Manotel  74 Mirelis  C3 MIT - Micro Informatique & Technologies 61 ReylC4 Scoach  24 SpecitecC2 Swiss Lunch-Check  38-39 SwissCare  66-67 UBP - Union Bancaire Privée  22-23


Tobias Regell

“Belu” sculpture by Zaha Hadid. Collection of Benjamin and Ariane de Rothschild. Gardens of Château Clarke, Bordeaux.

Creating VALUE means contributing to the progress of our times and to securing sustainable wealth.

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PRIVATE BANKING Banque Privée Edmond de Rothschild S.A. 18, rue de Hesse - 1204 Geneva T. +41 58 818 91 11 edmond-de-rothschild.ch


Contents Swiss Banking Yearbook’13

2 Large banks + 7 Institutions with a special field of business

66 +1 Regional banks

13 Private bankers

308 Bank Profiles

Swiss Banks Data Authorised banks, December 31st, 2012 - Financial data 2011. Banques autorisées au 31 décembre 2012 - Données financières 2011.

Swiss based banks categorised by activity. Each bank profile is based on the 2011 individual financial statements (parent companies) to the SNB. With some banks, the big ones in particular, the figures may differ from the consolidated group financial statements.

195 Commercial and asset management banks

24 Cantonal banks

Key figures

Les banques présentes en Suisse classées par type d’activité. Chaque fiche propose les déclarations individuelles (maison mère) faites par les banques en 2011 auprès de la BNS. Pour certaines d’entre elles, notamment les grandes banques, les chiffres peuvent être différents des résultats consolidés Groupe..

.41 308 Bank Profiles

308 Bank Profiles

Cantonal Banks

Large Banks and institutions

Bahnhofstrasse 45 8001 Zürich

p

www.credit-suisse.com

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

Nansenstrasse 16 8050 Zürich Equity 2011:

954 679

Total Sheet 2011:

27 836 212

Total Sheet 2010:

23 901 203

CLIENTIS

Mattenstrasse 8 3073 Gümligen

p

www.entris-banking.ch

36 548

361 440

Total Sheet 2011:

402 615

Total Sheet 2010:

SIX SIS

2 869 268

3 951 891

SIX X-CLEAR

Baslerstrasse 100 4600 Olten

Brandschenkestrasse 47 8002 Zürich

p

www.six-sis.com

Equity 2011:

quai de l’Ile 17 1204 Genève

Börsenstrasse 15 8001 Zürich

Total Sheet 2011:

Total Sheet 2010:

.44

p

52 113 765

346 079 329

269 954 864

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

Rheinstrasse 7 4410 Liestal

www.bcv.ch

Equity 2011:

Total Sheet 2011:

Hofstettenstrasse 2 3600 Thun

www.swissregiobank.ch

Equity 2011:

3 566 432

Total Sheet 2011:

-

Bahnhofstrasse 2 9435 Heerbrugg

Total Sheet 2010:

Total Sheet 2010:

Equity 2011:

Total Sheet 2011:

1 449 044

Total Sheet 2010:

BANK BSU Bankstrasse 21 8610 Uster Equity 2011:

Total Sheet 2011:

p 47 400

6 376 719

Amthausgasse 14 3011 Bern Equity 2011:

826 965

Total Sheet 2011:

780 305

Total Sheet 2010:

BANK EKI

p

40 000

1 070 723

9 570

219 924

207 701

p

Total Sheet 2011:

Total Sheet 2010:

Equity 2011:

Total Sheet 2011:

371 805

www.arvest.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

20 500

Equity 2011:

Total Sheet 2011:

42 853

Total Sheet 2010:

BANCA ARNER Piazza Manzoni 8 6900 Lugano

.48

p

31 290

487 370

456 676

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

p 27 720

451 524

425 542

BANK AM BELLEVUE

Via Ginevra 2 6900 Lugano

Seestrasse 16 8700 Küsnacht

Equity 2011:

108 200

Total Sheet 2010:

533 781

Total Sheet 2011:

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

Via Pretorio 13 6900 Lugano www.ceresiobank.com

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

BANCA PRIVATA EDMOND DE ROTHSCHILD LUGANO

www.privata.ch

.54

48 406

235 966

322 099

BANCA DEL CERESIO

24 263

193 854

263 693

621 320

p

www.bellevue.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

37 500

283 285

329 976

In this context, numerous CRM initiatives have emerged, aiming at helping organisations adapt to new legal constraints and providing better support for key customer relationship processes. The first phase of these projects is often to review the status quo and to rationalise existing systems, before considering more ambitious programmes.

In this respect, it is interesting to note that most private banks face the same problems, and among these are: • The coexistence of multiple applications for addressing different customer segments. Deployed in silos, these applications do not generally allow transverse analyses which could provide a basis for creating profitable synergies; • The profusion of customer databases associated with these applications usually complicates synchronous updates, creates useless duplicates and ultimately deteriorates the customer data quality; • The under-utilisation of CRM solutions, which, despite their extensive functional scope, are too often confined to the role of an address book or a contact history (emails, visits). Of course, the reasons for these problems are often complex – security, resistance to change, etc. – but the current changes provide a unique opportunity to overcome these obstacles and to exploit CRM tools to their fullest extent.

2013

2013 Prospective

Stéphane Garelli Banque & Finance: How can the Swiss banks recover from this very troubled period and reposition themselves in 2013? Stéphane Garelli: What will be decisive for this year at international level can be summarised in three points: market regulation, the timing of the implementation of reforms and changes in taxation. Let’s begin with the desirable and acceptable degree of regulation of international markets. The big question today is how to regulate and how far to go. Because we can do too much: Basel III is 616 pages of regulations, the Dodd-Frank Act, 848 pages! The Basel III implementing regulations for all of Europe have been estimated at 60,000 pages, FATCA approximately 20,000 pages. This is madness. McKinsey has calculated that it would require 70,000 people employed full time to implement Basel III. The European Central Bank wonders if it will not be forced to hire 2000 people for this reason alone. In Switzerland, FINMA (the Swiss Financial Market Supervisory Authority), a small entity, is left with a huge number of regulations to verify and

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SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

© IMD/DR

Professor at the International Institute for Management Development (IMD) and at the University of Lausanne (HEC), he manages the World Competitiveness Yearbook, a study in the field of competitiveness of nations and companies published by the IMD. He served as the Managing Director of the World Economic Forum and of the Davos Symposium from 1974 to 1987.

www.baumannbb.ch

Romain Raynal

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BORDIER & CIE Rue de Hollande 16 1204 Genève www.bordier.com

13 Private bankers

CRM Consultant ELCA Informatique

romain.raynal@elca.ch

• The job of wealth managers is changing and becoming more complex. This situation requires them to increasingly collaborate with a network of experts (lawyers, tax specialists; etc.), in order to deliver accurate answers to their clients. Whether at the prospect stage or in the course of a business relationship, the CRM solution could very well improve the collaborative process and ease the conversation around client cases. This would reduce response times and increase customer satisfaction; • Recent CRM applications have the advantage of helping wealth managers personalise the customer relationship, while facilitating processes automation. The client on boarding process is a good example. It is the opportunity to make a good impression but also an increasingly complex legal procedure. The role of CRM is then to create enough flexibility (usability, collaboration) within a sufficiently rigid framework (document workflow, validation cycle, etc.) to make the customer experience as personal as possible while reducing related administrative costs.

E. GUTZWILLER & CIE BANQUIERS

GONET & CIE

Kaufhausgasse 7 4051 Basel

boulevard du Théâtre 6 1204 Genève

www.gutzwiller.ch

www.banquegonet.ch

LA ROCHE & CO BANQUIERS

LANDOLT & CIE BANQUIERS

Rittergasse 25 4001 Basel

Chemin de Roseneck 6 1006 Lausanne

www.larochebanquiers.ch

www.landoltetcie.ch

LOMBARD ODIER & CIE

MIRABAUD & CIE BANQUIERS PRIVÉS

Rue de la Corraterie 11 1204 Genève

Boulevard Georges-Favon 29 1204 Genève

www.lombardodier.com

MOURGUE D’ALGUE & CIE

Without under-estimating the magnitude of such changes and their complexity, a CRM programme can be profitable if it is implemented according to the following approach: 1. Define a CRM vision for the short and medium term; 2. Imagine how the customer experience should evolve; 3. Analyse the impact on processes and internal collaboration; 4. Consolidate customer databases while ensuring maximum security; 5. Choose the right solution and technical architecture.

Rue de la Fontaine 5 1204 Genève

ELCA can provide assistance in the implementation of this approach. Our experienced CRM consultants are familiar with wealth management and can help your company define a vision, integrate a proprietary solution, develop custom tools or manage your applications.

www.pictet.com

REICHMUTH & CO

Talstrasse 15 8001 Zürich

Rütligasse 1 6003 Luzern

www.rahnbodmer.ch

www.reichmuthco.ch

Museumstrasse 1 9000 St. Gallen www.wegelin.ch

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

PICTET & CIE Route des Acacias 60 1211 Genève

www.mabank.ch

RAHN & BODMER

WEGELIN & CO

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www.mirabaud.com

Private Bankers Banques Privées N’VYBAR: CONNECTED & COOL, RESIDENT DJ, FUSION FOOD, MIXOLOGIST BARMAN. DÉCOUVREZ UN NOUVEL ART DE VIVRE!

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08/03/13 11:51

“Bankers, you are better than you think!” enforce. We are creating a huge labyrinthine system. The real question is therefore not only to know what the necessary regulations are, but also to see to what extent they are applicable. Up to what point does a regulation remain credible and applicable everywhere in the same way? BF: Doesn’t all this involve major coordination? SG: Yes, and this is the second challenge before us. How quickly will the States apply the various reforms that they propose? Let’s take the example of separation – or not – between an investment bank and retail bank or deposit bank. Everyone has his own plan: the British, the Americans, and the French. But everyone is advancing at a different speed. This will create cacophony on the market. BF: Just as differences in taxation will? SG: Every country has begun fundamental reforms of its taxation, whether intended for individuals or companies. Three points deserve particular attention: firstly, in Europe, the famous Financial Transaction Tax, known as Tobin, promoted by countries that want to apply a 0.1% tax on share transactions and 0.01% on those of derivative products. Will it come about? In what form? And equally interesting, what will be done with the money? Lots of people, including the European Parliament, have great ideas on how to use this financial windfall! The real question remains: is this taxation really applicable? BF: Your second area of focus? SG: We must seriously consider reforming taxation on companies in general, and more particularly on corporations that operate globally. Current discussion within the OECD revolves around the report recently published under the name «base erosion and profit sharing». Since the revelations about

Starbucks and Amazon, whose tax rates are virtually zero despite handsome profits, the pressure of public opinion is increasing. All experts agree that the actual tax treatment of these large international groups which practice tax optimisation is around 8 to 9%. This is very low compared to other companies. Under public pressure, corporate tax reform is underway in the United States. It has now been relayed to Great Britain and will extend, in my opinion, to all countries. It will have a huge impact on the Swiss banking and financial system. BF: And the third point to watch? SG: We need to watch how the gap between capital income and labour income is going to develop. This is one of the famous questions asked on ABC News by billionaire Warren Buffett at the start of 2012: «Is it normal that I am taxed 15% on my capital while my secretary is taxed at 30% on income from her employment?» In the United States, the tax reform recently proposed by Barack Obama should increase the tax rate on capital from 15 to 20%. But the debate is the same everywhere: should capital gains continue to be favoured in terms of taxation compared to those from employment? BF: And where are the Swiss banks in all this? SG: For me, there is a base point: all Swiss companies that are competitive internationally have become so without the need, so far, for special Swiss tax law to help them. Switzerland has great companies in the food, pharmaceutical and engineering sectors. And there is no food, pharmaceutical or other banking secrecy. There is know-how, but no protection through any provision of law that other countries would not have in these areas. Banking secrecy or not, Swiss banks that are competitive will remain so by making the most of their skills, recognised worldwide. It is true, there have been unacceptable blunders, which must not happen again. But it is essential, in my view, that our banks refocus on their expertise, because the overall image of the Swiss financial market remains excellent, paradoxically much better abroad than domestically. Let us also remember

For this competitiveness specialist, public opinion of all bankers has «dropped» without distinction. In an increasingly constrained context, Swiss finance must regain its legitimacy by going back to basics, relying on its expertise and the concept of the rule of law.

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

Stéphane Garelli (IMD) .77

Prospective

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St.Jakobs-Strasse 46 4052 Basel

So, what business benefits can private banks expect to achieve by investing in customer relationship management? Consider three examples: • Mobile applications are often designed to boost bank image among technophile customers. If these mobile applications were integrated to the CRM, the system could analyse customer’s browsing behaviour in real time and send alerts to wealth managers. They could then contact the client in a proactive way and make relevant investment proposals in a favourable context;

FINAL_MEP_BS2012.indd 31

Prospective

BAUMANN & CIE

Commercial banks Banques commerciales In a rapidly changing environment, private banks are investing in customer relationship to adapt their organisation and prepare for the future. But what are the obstacles ahead and the benefits to expect? Here is a brief overview. as banking secrecy, and with it the Swiss model of wealth management, come to an end? While this question is certainly not easily answered, professionals in the field, who are already seeing an increase in regulatory costs and an erosion of profitability, are looking for solutions. One of the approaches being explored by most people we talk to involves investing in a safe bet: customer relationship.

1 013 931

Via Bossi 1 6900 Lugano

Customer relationship: a profitable investment

H

54 152

1 124 060

www.axionbank.ch

www.arnerbank.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

AXION SWISS BANK

49 788

Total Sheet 2010:

195 Commercial and asset management banks

Amthausquai 21 4601 Olten www.abs.ch

57 470

374 539

Churerstrasse 82 8808 Pfäffikon

p

www.bank-sparhafen.ch

Equity 2011:

ALTERNATIVE BANK SCHWEIZ

p

ARVEST PRIVATBANK

222 598

Fraumünsterstrasse 21 8001 Zürich

Total Sheet 2011:

Total Sheet 2010:

2 895 244

2 732 474

BANK SPARHAFEN ZÜRICH

www.bankbiz.ch

Private Bankers

www.akbprivatbank.ch

Equity 2011:

Total Sheet 2011:

1 051 586

Bahnhofstrasse 2 3150 Schwarzenburg Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

Mitteldorfstrasse 48 9524 Zuzwil

Total Sheet 2010:

p

Bleicherweg 18 8002 Zürich

www.bankaek.ch

49 309

832 676

770 783

BANK IN ZUZWIL

Equity 2011:

.46 308 Bank Profiles

AKB PRIVATBANK ZÜRICH

BANK GANTRISCH

Rosenstrasse 1 3800 Interlaken

.48

297 500

6 683 690

www.eek.ch

www.bankeki.ch

Equity 2011:

Total Sheet 2011:

Regional banks Banques Régionales

p

BANK EEK

www.bsu.clientis.ch

Total Sheet 2010:

2 895 844

2 732 474

Amthausplatz 4 4500 Solothurn www.baloise.ch

82 500

1 552 330

Total Sheet 2010:

222 598

BALOISE BANK SOBA

p

www.alpharheintalbank.ch

Equity 2011:

p

753 860

18 739 911

17 124 249

57 Swiss commercial banks s

p

www.aekbank.ch

155 450

ALPHA RHEINTAL BANK

Total Sheet 2011:

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

35 114 064

308 Bank Profiles

AEK BANK 1826

Marktplatz 1 9004 St. Gallen

Total Sheet 2011:

www.blkb.ch

2 198 479

37 338 859

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

Swiss Commercial Banks

ACREVIS BANK

Total Sheet 2010:

p

318 050

8 065 239

7 363 825

Place Saint-François 1003 Lausanne

Total Sheet 2010:

.46

2 231 105

2 104 401

Place Pury 2000 Neuchâtel www.bcn.ch

p

Cantonal Banks Banques Cantonales

BANQUE CANTONALE NEUCHÂTELOISE

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

BASELLANDSCHAFTLICHE KANTONALBANK

Regional Banks

66 +1 Regional banks

Total Sheet 2011:

Total Sheet 2010:

p

569 982

11 488 836

10 332 136

p

118 541

BANQUE CANTONALE VAUDOISE

308 Bank Profiles

Equity 2011:

15 972 848

www.bcvs.ch

24 Cantonal banks

rue des Malvoisins 23 2900 Porrentruy Equity 2011:

14 316 225

Rue des Cèdres 8 1950 Sion Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

118 739

p

823 000

14 425 019

13 079 756

BANQUE CANTONALE DU JURA

www.bcj.ch

929 851

BANQUE CANTONALE DU VALAIS

p

243 073

www.snb.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

Total Sheet 2011:

Total Sheet 2010:

p

www.bcge.ch

Equity 2011:

54 860

Total Sheet 2011:

Total Sheet 2010:

Equity 2011:

294 296

8 869 263

8 543 163

BANQUE CANTONALE DE GENÈVE

www.six-x-clear.com

112 400

3 214 120

2 920 489

SWISS NATIONAL BANK

.44

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p 85 509

2 329 019

2 223 581

Boulevard de Pérolles 1 1700 Fribourg www.bcf.ch

p

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

116 266

Bankgasse 2 9050 Appenzell Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

BANQUE CANTONALE DE FRIBOURG

p

www.bancastato.ch

p

Total Sheet 2011:

Equity 2011:

Viale H. Guisan 5 6500 Bellinzona

APPENZELLER KANTONALBANK

www.appkb.ch

661 480

19 652 787

19 002 097

BANCA DELLO STATO DEL CANTONE TICINO

Large banks Grandes Banques

1 014 376

50 464 605

47 904 101

ENTRIS BANKING

Gurtengasse 6 3011 Bern

Total Sheet 2010:

Total Sheet 2011:

Total Sheet 2010:

p

www.pfandbriefbank.ch

www.clientis.ch

Equity 2011:

www.akb.ch

Equity 2011:

28 939 602

846 085 117

863 494 512

MORTGAGE BOND BANK OF THE SWISS MORTGAGE INSTITUTIONS

p

p

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

Bahnhofplatz 1 5000 Aarau

www.ubs.com

40 173 846

620 610 919

618 651 837

Bahnhofstrasse 9 8001 Zürich www.pfandbriefzentrale.ch

p

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

CENTRAL MORTGAGE BOND INSTITUTE SWISS CANTONAL BANKS

p

2 Large banks + 7 Institutions with a special field of business

AARGAUISCHE KANTONALBANK

UBS

Paradeplatz 8 8070 Zürich

p

CREDIT SUISSE

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

For this competitiveness specialist, public opinion of all bankers has «dropped» without distinction. In an increasingly constrained context, Swiss finance must regain its legitimacy by going back to basics, relying on its expertise and the concept of the rule of law. Pour ce spécialiste de compétitivité, l’opinion publique est « tombée » sans distinction sur tous les banquiers. Dans un contexte de plus en plus contraint, la finance suisse doit retrouver sa légitimité en revenant aux fondamentaux, en s’appuyant sur son savoir-faire et sur la notion d’Etat de droit.


Cargill:Mise en page 1 01.06.12 16:24 Page1


Philippe Bens

A solid business partner

Managing Director CACEIS (Switzerland) SA

CACEIS ranks among the top tier of asset servicing providers worldwide and is Europe’s largest depositary bank and premier fund administrator. We handle administrative aspects of clients’ activities with speed, efficiency and precision to allow them greater focus on their core business. With a strong yet steady growth rate in terms of assets, clients and geographical coverage, and the solid support of our principal shareholder Crédit Agricole*, CACEIS is a reliable partner for your business. Fully dedicated to corporate and institutional clients, the Group’s international dimension and asset servicing expertise have become a key source of competitive advantage. Notwithstanding our network of offices spanning Europe, North America and Asia, CACEIS’s experience of servicing clients worldwide makes us the partner of choice for your international development plans. The three elements that define CACEIS are financial strength, innovative products and services, and a clear focus on helping drive clients’ business forward. These enable us to remain among the leading global players in asset servicing. CACEIS is established in Switzerland since December 2006 and is already among the top 4 providers of Third Party-Administration. As a Management Company in Switzerland, CACEIS offers to fund promoters and asset managers support, analysis, launch, management and administration for all types of collective investments schemes. Our services can be adapted to all specificities required. CACEIS Switzerland has a confirmed experience in the Swiss Real Estate market and is a leader for Private Label Real Estate funds. CACEIS Switzerland is a fund management company under Swiss law, supervised by FINMA and a member of the SFA.

*Crédit Agricole SA owns 85% of CACEIS’ share capital, Natixis holds the remaining 15%


... and climbing.

A global player in asset servicing... Offering leading value in investor services demands constant evolution. At CACEIS, our strategy of sustained growth is helping customers meet competitive challenges on a global www.munier-bbn.com

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Contact our Swiss offices: CACEIS Switzerland Nyon +41 22 360 94 00 Z端rich +41 44 210 03 52 www.caceis.com


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2012 Timeline

All that you will want to remember (or forget) about the year

*

2012 * Tout ce que vous voudrez (ou non) garder en mémoire à propos de l’année 2012 Sources: Newspapers (L’Agefi, Le temps, Les Echos, Sonntags Zeitung), news websites (Google news) and news agencies (ATS, AFP, Reuters, Bloomberg). Edited by Daniel Johnson. SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.11


2012 Timeline

01

09

SWITZERLAND – The dust is still settling from the New Year celebrations when news filters out that the Federal Council has launched a probe into bank accounts belonging to PHILIPP HILDEBRAND, president of the Swiss National Bank, after receiving information from Christoph Blocher. His wife, Kashya Hildebrand, apparently instructed Sarasin bank to buy approximately $500,000 using Swiss francs, three weeks before the announcement to cap the value of the franc against the euro.

SWITZERLAND – Bowing to increasing pressure, PHILIPP HILDEBRAND finally announces his RESIGNATION with immediate effect “to guarantee the credibility of the institution”. Vice-president Thomas Jordan, from Bern, takes over at BNS on an interim basis. Hansueli Raggenbass also leaves the bank’s executive board after criticism about his handling of the affair. He is replaced by Jean Studer from Neuchatel.

Le réveillon est à peine terminé lorsque la nouvelle tombe: le Conseil Fédéral a fait examiner les comptes bancaires du président de la Banque Nationale Suisse, Philipp Hildebrand, à la suite d’informations qui lui ont été transmises par Christoph Blocher. Son épouse, Kashya Hildebrand, aurait commandé à la banque Sarasin l’achat de quelque 500 000 dollars contre des francs trois semaines avant l’annonce de la fixation du cours plancher du franc contre l’euro. 


Cédant à la pression, Philipp Hildebrand abandonne finalement ses fonctions avec effet immédiat “afin de garantir la crédibilité de l’institution”. C’est son Vice-président, le Bernois Thomas Jordan, qui prend les rênes ad intérim. Critiqué pour sa gestion de l’affaire, Hansueli Raggenbass quitte pour sa part le Conseil de Banque où il est remplacé par le Neuchâtelois Jean Studer.

©Photo: DR

+

Philipp Hildebrand

2011

January / Janvier

2012

January / Janvier

January / Janvier

January / Janvier

January/Janvier

03

.12

27

USA –Southern District of New York City prosecutors ACCUSE THREE SWISS BANKERS of helping clients hide $1.2 billion from US tax authorities, without naming the bank where they work. The revelation goes almost unnoticed in Switzerland where all eyes are on the Hildebrand affair.

USA – The three executives charged by New York City prosecutors work for Switzerland’s oldest bank, WEGELIN & CO. With its back to the wall, the bank hands over much of its business to Raiffeisen. Only days later, however, Wegelin finds itself back in the spotlight as one of 11 banks – including Credit Suisse and Julius Baer – suspected of fraud by US authorities.

Le procureur du district sud de New-York accuse trois banquiers suisses d’avoir aidé certains de leurs clients à cacher 1,2 milliard de dollars au fisc américain, sans toutefois rendre public le nom de la banque qui les emploie. L’information passe quasiment inaperçue dans une Suisse tenue en haleine par l’affaire Hildebrand.

Les trois cadres concernés par l’accusation du procureur de New York appartiennent à Wegelin & Co, la plus vieille banque privée helvète. Acculée, la banque cède la plus grande partie de ses activités à Raiffeisen. Mais quelques jours plus tard, elle se retrouve néanmoins jetée sous les projecteurs de l’actualité comme faisant partie des onze établissements, dont Credit Suisse et Julius Baer, soupçonnés de fraude par les autorités américaines.

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013


2012 Timeline

SWITZERLAND – Swiss weekly Sonntags Zeitung leads with the story that the confederation’s banks may be forced to check the tax status of their foreign assets as part of a “CLEAN MONEY” strategy put forward by EVELINE WIDMER-SCHLUMPF. Under the plan by Mrs Widmer-Schlumpf - the country’s Swiss President and finance minister - banks would be expected to go beyond simply declaring foreign assets and check suspected tax evasion to be sure of their legality. She intends to present the plan to her fellow federal councillors three days later. While banks have long resisted the idea of automatic checks, the Swiss government faces US pressure to reach an agreement on undeclared assets held by the country’s banks, while at the same time trying to protect their reputation. Le Sonntags Zeitung en fait sa Une : les banques suisses pourraient se voir contraintes de vérifier le statut fiscal des avoirs étrangers qu’elles détiennent en vertu d’un plan dit d’argent propre proposé Eveline Widmer-Schlumpf. Egalement ministre des Finances, elle voudrait que les banques aillent au delà de la déclaration fiscale des déposants étrangers et qu’elles vérifient les cas suspects d’évasion fiscale pour s’assurer qu’elles sont en conformité avec la loi. Elle entend soumettre cette proposition au Conseil fédéral trois jours plus tard. Si les banques se sont toujours opposées aux vérifications obligatoires, l’exécutif subit des pressions pour parvenir à un accord avec les Etats-Unis au sujet des avoirs non déclarés dans les banques suisses et cherche à sauvegarder la réputation de ces banques.

©Photo: DR

19

Eveline Widmer-Schlumpf

February / Février

February / Février

February / Février

February / Février

February / Février

February/Février

22

SWITZERLAND – Facing continuing pressure from the United States, the Federal Council agrees to the principle of EXCHANGING FINANCIAL INFORMATION WITH THE US tax office. Switzerland will cooperate on the double condition that there is suspected repeated illegal behaviour with regard to banks’ assets and that they are actively involved. The 11 indicted Swiss banks can now hand over encrypted commercial data to the US in accordance with article 271 of the Swiss Penal Code concerning “unlawful acts on behalf of a foreign state”. Sous la pression continue des Etats-Unis, le Conseil fédéral accepte le principe d’échange de renseignements avec le fisc américain. La Suisse accordera l’assistance administrative à la double condition de l’existence d’un comportement illégal reproduit en série et de la participation active des établissements bancaires concernés. Les 11 banques incriminées peuvent officiellement transmettre aux autorités américaines des documents commerciaux cryptés en dérogeant à l’article 271 du code pénal.

28

SWITZERLAND - Pierin Vincenz, chief executive of RAIFFEISEN, calls for the country to bow to all international demands for an AUTOMATIC EXCHANGE of tax information. He is the first major Swiss banker to openly advocate unrestricted sharing of client data with other countries. For Mr Vincenz, it’s only a matter of time before the European Union force suchs a deal in future.
 Pierin Vincenz, Président de la direction du groupe Raiffeisen, demande que le pays accepte désormais toutes les demandes étrangères d’échange automatique de renseignements fiscaux. Il est le premier dirigeant d’une grande banque suisse à préconiser ouvertement le partage sans restriction de données de clients avec d’autres pays. Pour lui, il est temps de se résoudre à cette mesure qui sera inévitablement imposée par l’Union européenne à l’avenir.

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.13


2012 Timeline

23

14

SWITZERLAND – Credit Suisse SLASHES BONUSES by 50% in the wake of poor results in 2011. The bank’s chairman sees his own benefits reduced by more than half, while his counterpart at UBS takes a hit of some 44%. Nonetheless, their windfalls are still generous: more than CHF 5 million for the Credit Suisse chief, and CHF 6 million for the UBS boss.

SWITZERLAND – The Federal Council takes further action, authorising banks to hand over the names of professional associates to US authorities. From now on, BANKS CAN GIVE UNENCRYPTED INFORMATION DIRECTLY TO US PROSECUTORS detailing their employees and any third parties, such as specialist fund managers. But the ban still applies on supplying clients’ names to the US. The development prompts an outcry in the banking community.

Crédit Suisse annonce avoir réduit de moitié les bonus de sa direction après les mauvaises performances réalisées en 2011. Le patron de la banque a vu ses émoluments personnels réduits de plus de moitié. Son homologue de l’UBS, a subi, pour sa part, une réduction de 44%. Les chèques perçus restent cependant confortables : plus de 5 millions de francs pour le premier et 6 millions pour le second.

Le Conseil fédéral va plus loin. Il autorise désormais les banques à livrer aux Etats-Unis les noms de leurs collaborateurs. Les établissements bancaires pourront ainsi donner directement aux autorités de poursuite pénale des informations non codées concernant leurs employés ainsi que des tiers, par exemple des gérants de fortune externes. En revanche, les informations sur la clientèle ne pourront toujours pas être transmise. L’info suscite un tollé parmi la communauté bancaire.

March / Mars

April / Avril

April / Avril

April / Avril

April/Avril

March/Mars

3

SWITZERLAND – HSBC Private Bank SA is named at the centre of an affair involving the BEN ALI clan, according to broadcaster www.rts.ch/info/. The Tunisian authorities suspect the bank of managing accounts belonging to two offshore companies run by Ben Ali associates, Zenade Ressources Ltd and Zenade Finance Ltd. HSBC Private Bank SA est plongée au centre d’une affaire liée aux avoirs du clan Ben Ali, annonce le site www.rts.ch/info/. Les autorités tunisiennes soupçonnent la banque d’avoir hébergé les comptes de deux sociétés offshore du clan Ben Ali, Zenade Ressources Ltd et Zenade Finance Ltd.

.14

April / Avril

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

14

FRANCE – A probe gets under way in Paris into ALLEGED MONEY LAUNDERING by the French offices of UBS, primarily from tax evasion, the daily Les Echos reports online. The bank is suspected of compiling a “secret list ... of transactions between legitimate French bank accounts and undeclared Swiss bank accounts”. Une information judiciaire est ouverte à Paris sur la filiale France d’UBS pour “blanchiment” d’argent notamment de fraude fiscale, affirme le quotidien Les Echos sur son site internet. A l’origine des soupçons, une éventuelle “liste secrète tenue par la banque sur les mouvements entre les comptes bancaires français légaux et des comptes suisses non déclarés aux services fiscaux français”.


2012 Timeline

22

Sergio Ermotti (UBS) déclare au Sonntags Zeitung s’attendre à ce que la place financière suisse perde 20’000 emplois ces prochaines années en raison de la guerre économique menée par l’Union européenne et les Etats-Unis contre la Suisse et ses deux grandes banques, UBS et Crédit Suisse. “L’idée est d’affaiblir les deux grandes banques suisses qui ont du succès sur le plan international”, s’insurge le nouveau patron d’UBS, pour qui cette guerre va se traduire par une perte des actifs gérés par les banques suisses, qui devront s’adapter en réduisant les coûts et en procédant à des processus de fusions et acquisitions. “Je m’attends à ce que la place financière suisse perde environ 20% des postes de travail ces prochaines années”.

April / Avril

April / Avril

©Photo: DR

SWITZERLAND – SERGIO ERMOTTI (UBS) tells weekly newspaper Sonntags Zeitung that Switzerland’s FINANCIAL SECTOR STANDS TO LOSE 20,000 EMPLOYEES in coming years because of the economic war being waged by the European Union and the US against Switzerland and its two biggest banks, UBS and Credit Suisse. “The aim is to weaken Switzerland’s two main banks which have had such international success,” asserts the new UBS boss, who believes the clash will see Swiss banks handling fewer assets in future. They will have to adapt, he continues, by cutting costs and embarking on a round of mergers and acquisitions. “I fully expect the Swiss financial sector to lose around 20% of its workers in coming years,” he predicts.

May / Mai

May / Mai

Sergio Ermotti

May/Mai

27

10

Credit suisse a livré des données aux autorités américaines dans le cadre de la répression contre les comptes bancaires cachés en Suisse. Le directeur général de la banque, Brady Dougan, explique ainsi à ses actionnaires avoir “fourni des données comme il était exigé par le gouvernement Suisse”.

©Photo: DR

SWITZERLAND – CREDIT SUISSE has handed over information to US authorities as part of the clampdown on hidden Swiss bank accounts. The bank’s CEO, Brady Dougan, tells shareholders that he “PROVIDED THE INFORMATION IN LINE WITH SWISS GOVERNMENT POLICY.”

USA – JPMorgan Chase, the biggest US bank, announces a $2 BILLION LOSS IN TRADING FROM A HEDGING STRATEGY that went awry. In an unscheduled telephone conference, CEO JAMIE DIMON apologises! His comments cost him half his salary. JPMorgan Chase, n°1 aux Etats-Unis, annonce avoir enregistré une perte de trading de deux milliards de dollars due à l’échec d’une stratégie de couverture. Lors d’une conférence téléphonique surprise, son PDG, Jamie Dimon, présente ses excuses! Cette erreur lui coûtera la moitié de ses revenus.

Jamie Dimon SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.15


2012 Timeline

CO

NF

09

01

SPAIN – The eurozone’s fourth largest economy, Spain, goes cap in hand to the central European fund for a BAILOUT to save its banks. They could need 100 billion euros. By making the request, Spain becomes the fourth eurozone member to seek help since the start of the financial crisis at the end of 2009, after Greece, Ireland and Portugal.

SPAIN – HERVÉ FALCIANI, a former IT worker at HSBC Private Bank (Switzerland), is ARRESTED IN BARCELONA. He is accused of revealing the identity of 24,000 clients with accounts at the Geneva headquarters of the British bank in 2008. Switzerland demands his immediate extradition (although Spain’s anticorruption prosecutors only decide not to do so in November). In the end, Mr Falciani is not sent back to Switzerland, and is given a CONDITIONAL RELEASE ON 18 DECEMBER.

Quatrième économie de la zone euro, l’Espagne se résigne à lancer un appel à l’aide européenne pour ses banques. La somme pourrait atteindre cent milliards d’euros. Ce plan d’aide sera le quatrième pour un pays de la zone euro depuis le début de cette crise fin 2009, après la Grèce, l’Irlande et le Portugal.

Hervé Falciani, ex-informaticien chez HSBC Private Bank (Suisse), que l’on accuse d’avoir dévoilé l’identité de 24 000 clients de la filiale genevoise de la banque britannique en 2008, est arrêté à Barcelone. La Suisse demande immédiatement son extradition (qui sera finalement refusée en novembre par le parquet anti-corruption espagnol). Il ne sera finalement pas extradé et sera même placé en liberté provisoire le 18 décembre. 



June / Juin

June / Juin

June/Juin

July / Juillet

TI

AL

July/Juillet

03

GREAT BRITAIN – Facing increasing pressure from the fallout of the Libor rate manipulation affair, Barclays CEO Bob Diamond RESIGNS with immediate effect.

GREAT BRITAIN – After an inquiry lasting several weeks into attempts to manipulate the LIBOR AND EURIBOR interbank interest rates, BARCLAYS agrees to pay GBP 290 million to put an end to investigations into its activities in the UK and US. CEO Bob Diamond presents his apologies and forgoes his bonus, as do three other board members. The offences were committed “regularly”, and Barclays traders even “asked other banks to help them”, it is reported. Parallel investigations are under way in Japan, Switzerland and the European Union. Some involve the Tibor, Japan’s interbank interest rate.

Mis sous pression dans l’affaire de manipulation du Libor, Bob Diamond démissionne avec effet immédiat de son poste de directeur général de Barclays.

+ ©Photo: DR

A la suite d’enquêtes ouvertes depuis quelques semaines pour tentatives de manipulation des taux interbancaires Libor et Euribor, Barclays accepte de verser aux autorités concernées 290 millions de livres pour mettre fin à des enquêtes la visant au Royaume-Uni et aux Etats-Unis. Son Dg, Bob Diamond, fait son mea culpa et renonce à son bonus, tout comme trois autres membres de la direction. Ces infractions auraient été commises “de façon régulière” et des traders de Barclays auraient même “demandé à d’autres banques de les aider” dans leurs manipulations. Des investigations sont également en cours au Japon, en Suisse et au niveau de l’Union européenne. Certaines concernent le taux interbancaire japonais Tibor.

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

EN

July / Juillet

13

.16

ID

Bob Diamond


2012 Timeline

07

SWITZERLAND – The Financial Times reports that Tessin bank group BSI has been PUT UP FOR SALE by owner Generali, which appoints JP Morgan and Mediobanca to find a buyer. The sale could be worth more than $1.5 billion. Alfredo Gysi, the private bank’s chairman of the board, takes the news in his stride, certain that there will be a buyer. He tells the Swiss daily Tages-Anzeiger: “Over the last 30 years we have changed hands four times and each time we have had a majority investor which has supported the bank’s development. We are sure that this will happen again.”

July / Juillet

July / Juillet

July / Juillet

03

Alfredo Gysi July / Juillet

©Photo: DR

Selon le Financial Times, le groupe bancaire tessinois BSI aurait été mis en vente par son propriétaire, Generali. Ce dernier aurait mandaté JP Morgan et Mediobanca pour une transaction qui pourrait dépasser 1,5 milliard de dollars. Alfredo Gysi, le président du conseil d’administration de la banque privée ne semble guère s’inquiéter de cette nouvelle. Pour lui, l’établissement trouvera un repreneur. Dans le Tages-Anzeiger, il précise : “Au cours des trente dernières années, nous avons changé quatre fois d’actionnaires et à chaque fois, nous avons retrouvé un actionnaire qui a soutenu le développement de la banque. Nous sommes convaincus qu’il en sera ainsi cette fois encore”.

09

SWITZERLAND – Ratings agency STANDARD AND POOR’S revises its outlook for NINE SWISS BANKS FROM “STABLE” TO “NEGATIVE”. Seven SwissGerman cantonal banks are in the spotlight (Zurich’s BCZ, Aargau, Basel-Country, Basel-City, Grisons, Lucerne and Schwyz) in addition to Vaud’s BCV and Migros Bank. Nonetheless, S&P affirms its ratings on all nine banks. The agency’s decision is linked to rising residential property prices which are deemed to be a risk for the banks whose operations are mainly domestic. At the same time, S&P affirms its rating and outlook for five other Swiss banks: Banque Cantonale de Genève, UBS, Credit Suisse, Vontobel and Safra.

USA – An estimate by Morgan Stanley bank analysts puts the possible losses from the Libor scandal at UP TO $22 BILLION (16.8 billion euros) for 11 banks once the dust settles on their involvement. Numerous claims are already under consideration.

L’agence de notation financière Standard & Poor’s abaisse de “stable” à “négative” la perspective de rating de neuf banques suisses. Sept banques cantonales (BC) alémaniques, la Banque Cantonale de Zurich, celles d’Argovie, de Bâle-Campagne, de Bâle, des Grisons, de Lucerne et de Schwytz, la Banque Cantonale Vaudoise (BCV) ainsi que la Banque Migros sont touchées par cette décision. La notation des neuf banques est cependant confirmée. En cause, la hausse des prix de l’immobilier résidentiel qui représente un risque pour ces banques, principalement actives sur le marché suisse. Dans le même temps, S&P confirme le rating et la perspective des cinq autres banques suisses suivies, la Banque Cantonale de Genève, UBS, Credit Suisse, Vontobel et Safra.

Selon les premières estimations des analystes de la banquee Morgan Stanley, les pertes dues au scandale du Libor pourraient atteindre 22 milliards de dollars (16,8 milliards d’euros) une fois la responsabilité des 11 banques concernées avérée. De nombreuses plaintes ont déjà été déposées.

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.17


2012 Timeline

07

SWITZERLAND – The Swiss central bank announces that its foreign cash reserves rose nearly 11% in July, to CHF 406.45 billion. Switzerland’s stockpile represents almost half of the total reserves held by all 17 national banks in the eurozone put together. The development means that as a country, SWITZERLAND HAS THE FIFTH LARGEST CASH RESERVES behind China, Japan, Saudi Arabia and Russia.

GERMANY -The country’s constitutional court agrees to GERMANY’S PARTICIPATION in a financial mechanism TO SAVE THE EUROZONE. It gives German President Joachim Gauck the green light to sign legislation on the anticipated European Stabilization Mechanism and the fiscal pact approved by parliament at the end of June. The court’s long-awaited decision is seen as a real step forward in efforts to resolve the eurozone’s crisis. La Cour constitutionnelle allemande autorise Berlin à mettre en œuvre le mécanisme de sauvetage de la zone euro et donne le feu vert au président allemand Joachim Gauck pour signer les textes de loi sur le futur fonds de secours MES et le Pacte de stabilité adoptés par le parlement fin juin. Très attendue, cette décision laisse entrevoir un réel pas en avant dans la gestion de la crise financière européenne.

©Photo: DR

La Banque nationale de Suisse annonce que ses réserves en devises ont progressé de près de 11 % en juillet à 406,45 milliards de francs suisses. La Confédération détient ainsi à elle seule pratiquement la moitié de l’ensemble des réserves de tout l’Eurosystème, soit les 17 banques centrales nationales de la zone euro. Elle se classe désormais au cinquième rang des plus importantes réserves en devises détenues par des Etats, derrière la Chine, le Japon, l’Arabie Saoudite et la Russie.

12

August / Août

September / Septembre

August/Août

USA – The National Whistleblowers Center reports that EX-UBS BANKER Bradley Birkenfeld IS PAID $104 MILLION for handing over details of unlawful activities by the bank’s US clients. The leaked information may have netted the US tax office $5 billion and cost UBS $780 million in penalties.

©Photo: DR

September / Septembre

September/Septembre

11

Selon le National Whistleblowers Center, Bradley Birkenfeld, l’ex-banquier d’UBS, reçoit ce jour 104 millions de dollars pour avoir fourni les informations sur les activités illégales des clients de la banque aux Etats-Unis. Ces dénonciations auraient rapporté au fisc américain 5 milliards de dollars et ont coûté 780 millions de dollars d’amende à UBS.

Bradley Birkenfeld .18

September / Septembre

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

15

GREECE - More than 300 Greek politicians call on the Swiss Bankers’ Association (ASB) to declare that they do not have Swiss bank accounts. The ASB turns them down, saying according to Reuters news agency that it is unable to send requests of “such general content” to its members. ASB maintains that IT IS NOT DOWN TO SWISS BANKS TO PROVIDE PROOF that specific individuals do not have an account with them. Some banks even proscribe such action in their code of practice. Plus de trois cents d’hommes et de femmes politiques grecs demandent à l’Association suisse des banquiers (ASB) qu’elle confirme qu’ils et elles ne détiennent aucun compte en Suisse. L’ASB décline leur requête, indiquant, selon l’agence Reuters, qu’elle ne peut transmettre à ses membres de demandes “au contenu si général”. Pour l’ASB, les banques suisses ne sont pas tenues de présenter une confirmation qu’une personne déterminée n’a aucun compte chez elles. Certaines ont même un règlement qui interdit de telles confirmations.


2012 Timeline

23

28

SWITZERLAND – BASLER KANTONAL BANK (BKB), concludes its inquiry into investment firm ASE Investment, which is suspected of fraud. BKB CEO HANS RUDOLF MATTER announces that he is to take EARLY RETIREMENT at the end of the year. Regulator FINMA and Aargau government authorities lead the investigation. Some 600 clients are involved.

GREECE - Kostas Vaxevanis, A GREEK JOURNALIST, has been arrested after PUBLISHING A LIST of about 2,000 Greeks who hold accounts with HSBC bank in Switzerland. Mr Vaxevanis said the list he published is the same one that was given by the then French finance minister Christine Lagarde to her Greek counterpart. Mr Vaxevanis is released hours later. At his trial on 1 November, judges declare his actions legitimate and he is acquitted.

La Banque cantonale de Bâle (BKB) boucle son enquête à l’encontre de la société financière ASE Investment, soupçonnée de fraude. Le directeur général de la BKB, Hans Rudolf Matter, annonce son départ à la retraite anticipée pour la fin de l’année. La FINMA et le ministère public argovien enquêtent. Quelque 600 clients sont concernés.

Hans Rudolf Matter

October / Octobre

Kostas Vaxevanis, un journaliste grec, est arrêté après avoir publié une liste d’environ 2000 Grecs titulaires d’un compte chez HSBC, en Suisse. Il affirme que la liste est la même que celle donnée par Christine Lagarde, alors ministre de l’économie française, à ses homologues grecques. M. Vaxevanis est libéré quelques heures plus tard. Lors de son procès, le 1er novembre, la justice a reconnaîtra la légitimité de son action et l’acquittera.

October / Octobre

October / Octobre

October/Octobre

24

FRANCE – Held solely responsible for the record losses notched up by Société Générale in 2008, EX-TRADER Jérôme Kerviel is told by a Paris court that he must serve three years of a five-year sentence in jail. He must also pay 4.9 BILLION EUROS IN DAMAGES. It’s not until February 2013 that Mr Kerviel decides to hit back by suing his former employer... for 4.9 billion euros. Reconnu seul responsable de la perte record enregistrée par la Société Générale en 2008, l’extrader Jérôme Kerviel est condamné par la cour d’appel de Paris à cinq ans de prison, dont trois ferme, et à 4,9 milliards d’euros de dommagesintérêts.
 Il attendra février 2013 pour attaquer son ancien employeur aux prud’hommes et réclamer… 4,9 milliards d’euros de dommages-intérêts.

30

SWITZERLAND - UBS chief executive Sergio Ermotti confirms streamlining at the bank and that more than 10,000 JOBS ARE TO GO, 2,500 of which are in Switzerland. Shares in UBS immediately shoot up 13.57%. Le directeur général d’UBS Sergio Ermotti confirme la restructuration du groupe et la suppression de plus de 10’000 emplois, dont quelque 2’500 en Suisse. L’action UBS enregistre immédiatement une hausse de 13,57%.

- 10’000

+ 13,57%

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.19


2012 Timeline

01

SWITZERLAND – The Federal Tribunal rules in favour of a Zurich investor, saying that SWISS BANKS SHOULD PAY COMMISSION to clients who buy their financial products. Payment of such kickbacks is common practice in most European countries, but not in Switzerland. According to post-doctorate research published by Tagesanzeiger.ch, the kickbacks could amount to CHF 17 billion a year in total. Le Tribunal fédéral donne raison à un investisseur zurichois et estime que les banques suisses doivent reverser aux clients qui leur achètent des produits financiers les commissions d’incitation (kickbacks) qu’elles touchent sur ceux-ci. Dans la plupart des pays européens, le versement de ces retro commissions aux clients qui achètent ces valeurs est chose depuis longtemps établie. Pas en Suisse. Selon un travail de doctorat évoqué par le site Tagesanzeiger.ch, le montant total des ces retro commissions peut être estimé à 17 milliards de francs par année.

November / Novembre

09

SWITZERLAND – The Sunday newspapers focus on a DOCUMENT DELIVERED TO THE FEDERAL COUNCIL BY THE SWISS BANKING ASSOCIATION (ASB). Two days later, ASB spokeswoman Rebeca Garcia offers clarification: “We have given the Federal Council a code of conduct based on preventative measures...The aim of our code is to avoid having undeclared assets in Swiss banks.” La presse dominicale fait état d’un document transmis au Conseil fédéral par l’Association suisse des banquiers. Deux jours plus tard, l’ASB, par la voix de Rebeca Garcia, sa porte-parole, revient sur cette information : “Nous avons soumis au Conseil fédéral un projet de Code de conduite, basé sur la prévention… L’objectif de notre code est d’éviter à l’avenir l’existence d’avoirs non déclarés dans les banques suisses”.

November / Novembre

November/Novembre

02

.20

December/Décembre

20

SWITZERLAND –The country’s SMALLEST SAVINGS BANK, Trogen, founded in 1821 and based in canton Appenzell Outer Rhodes, prepares TO CLOSE at the end of the year. The bank is to transfer all its activities to St Gallen’s Acrevis bank. Trogen has 900 customers and handles CHF 18 million in total.

GREAT BRITAIN – A court finds former UBS TRADER Kweku Adoboli, GUILTY of fraud that cost the bank $2.3 billion in 2011 and sentences him to seven years in prison. The bank’s problems are compounded when the Financial Services Authority (FSA) lands UBS with a CHF 44.2 million fine for significant lapses in oversight.

La plus petite banque de Suisse, la caisse d’épargne de Trogen, fondée en 1821et située dans le canton d’Appenzell Rhodes-extérieures, va cesser ses activités à la fin de l’année. La banque transmettra toutes ses activités à la banque Acrevis, de Saint-Gall. Elle compte 900 clients et affiche un total du bilan de 18 millions de francs.

Kweku Adoboli, l’ex-trader d’UBS accusé de fraude massive ayant coûté 2,3 milliards de dollars à la banque en 2011, est jugé coupable et condamné à sept ans de prison. La banque ne s’en sortira pas pour autant sans encombres. Le 26 novembre, elle sera condamnée par la Financial Services Authority (FSA) à une amende de 44,2 millions de francs pour les lacunes importantes de contrôle.

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

December / Décembre

11

GERMANY – The country’s budgetary conciliation COMMITTEE REJECTS THE BILATERAL FISCAL ACCORD ratified by the Bundestag in October. The agreement, known as Rubik, would have paved the way for Berlin to tax German citizens making undeclared deposits in Swiss bank accounts, while protecting their identity. The German refusal means that only the accords signed with Great Britain and Austria will come into effect on 1 January 2013.


2012 Timeline

16

USA & GREAT- BRITAIN The year ends on a sour note for UBS which finally learns of the near CHF 1.4 BILLION PENALTY it must pay to draw a line under investigations LINKED TO THE LIBOR RATE-RIGGING SCANDAL in both countries.

Ex-directeur financier d’UBS Wealth Management & Swiss Bank et, depuis 2010, chef de la division Banques de l’Autorité fédérale de surveillance des marchés financiers (FINMA), le Britannique Mark Branson se récuse “afin d’éviter dès le départ toute apparence de partialité”. UBS Securities Japan, la filiale qu’il a dirigé de 2006 à 2008, se trouve en effet au cœur des investigations conduites dans l’enquête Libor.

En cette fin d’année, mauvaise nouvelle pour UBS qui écope d’une finalement d’une amende totale de près de 1,4 milliard de francs (1,1 milliard aux EtatsUnis et 238 millions au Royaume-Uni) pour mettre un terme aux enquêtes liées au scandale de manipulation du Libor dans ces deux pays.

©Photo: DR

Mark Branson

19

SWITZERLAND – Briton MARK BRANSON, former UBS Wealth Management & Swiss Bank financial director and, since 2010, head of banking supervision at the Swiss Financial Market Supervisory Authority (FINMA), RECUSES HIMSELF “to avoid any suspicion of partiality from the start” into Libor-related investigations. Mr Branson’s announcement comes as UBS Securities Japan, the UBS subsidiary he headed from 2006 to 2008, finds itself at the heart of investigations into the Libor affair.

December / Décembre

Nein!

La Commission de conciliation budgétaire enterre l’accord fiscal bilatéral ratifié par le Bundestag en octobre. Cet accord, dit Rubik, permettait de taxer les contribuables allemands ayant effectué des dépôts non fiscalisés auprès des banques suisses tout en préservant leur anonymat. Seuls entreront donc en vigueur au 1er janvier 2013 les accords signés avec la GrandeBretagne et l’Autriche.

December / Décembre

18

SINGAPORE – The Swiss National Bank (BNS) opens offices in the city state of SINGAPORE. The BNS says the move is linked to strong growth in foreign cash reserves and Asia’s booming financial markets. The bank is to employ seven people there from mid-2013. La Banque nationale suisse ouvre une représentation dans la Cité-État de Singapour. La BNS précise que cette implantation s’inscrit dans le contexte de la forte augmentation des réserves de devises et de l’importance croissante des marchés financiers asiatiques. La représentation devrait employer sept personnes à partir de la mi-2013.

December / Décembre

20

USA - The US Attorney’s Office in Manhattan announces CHARGES against three advisers from ZURICH’S CANTONAL BANK ZKB. US authorities accuse them of helping US citizens hide $420 million (CHF 383.9 million) from the tax office by placing the assets in Swiss bank accounts. Le bureau du procureur de Manhattan annonce l’inculpation de trois conseillers à la clientèle de la Banque cantonale de Zurich (ZKB). Le gouvernement américain les accuse d’avoir aidé des Américains à soustraire 420 millions de dollars (383,9 millions de francs) au fisc en les rapatriant sur des comptes helvétiques.

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.21


MICHEL LONGHINI

Financial repression

Head of Private Banking Union Bancaire Privée

O

ne of the biggest problems caused by the financial and economic crisis that has been rocking the world since 2007 is the developed economies’ level of public debt, which has reached a post-war record. So the watchword now is “deleverage”. When economic growth is weak, there are various ways to reduce the debt-to-GDP ratio: structural adjustments to budgetary policy (i.e. austerity), debt restructuring, inflation or “financial repression”. Whilst this last concept has been around for a long time it was brought back into vogue in 2011 by Carmen Reinhart and Belen Sbrancia who discussed the re-emergence of this form of debt-reduction in a key NBER working paper (The Liquidation of Government Debt, NBER, 2011). Financial repression is a set of measures designed to cause a drop in interest rates along the yield curve. These measures can include massive purchases of government bonds by the central bank – or even by pension funds or commercial banks – and a policy of setting very low nominal base rates in order to end up with negative real rates. Such repression can reduce, if not entirely wipe out, the outstanding debt obligations. Another result is that it steers investors towards real assets and away from the money market and bonds, where yields have dried up, in an attempt to boost growth. However, it is tantamount to a tax on bond holders and, more generally, on savers, whether private or institutional. John Maynard Keynes described this process as “the euthanasia of the rentier” as early as the beginning of the twentieth century. The current monetary policy of keeping rates low – indeed negative – and monetising public debt is very reminiscent of financial repression and brings with it a certain number of risks. In such an environment the risk of distortion – due to purchases of potentially overvalued assets – and therefore of bubbles forming – in particular in real estate – increases considerably. Furthermore, real assets bear higher volatility than bonds, and are more closely correlated to each other. This makes portfolios harder to diversify and therefore to protect from risk. Lastly, the concept of risk-free assets – traditionally associated with AAA-rated sovereign bonds – has become obsolete since the debt crisis erupted in 2011: today, even these assets have become more volatile and risky. Consequently, private bankers are going to have to adjust their product ranges and the asset allocation in client portfolios to take into account these unusual circumstances and the new world in which we find ourselves. PERFORMANCE… BUT IN WHAT ASSET CLASS? The determination of central banks to keep real interest rates negative and push investors towards real assets suggests that the climate is set to stay favourable to equities. Dividend yields in Europe are at forty-year highs above corporate bond yields, which have been dragged down by financial repression. What is more, this positive spread should remain wide given the healthy state of corporate balance sheets, strong cash flows and the rising pressure from shareholders to use the available cash

to increase dividends. Besides, the current environment of stable prices or moderate inflation will allow equities to thrive, as investors seeking regular income will probably be increasingly drawn to them. Selecting quality stocks is of course of utmost importance: large companies with an international footprint, high entry barriers and regular cash flows allowing large and growing dividends are the ones to go for. Whilst equities should be favoured, and although developed countries’ government bonds are to be avoided, credit still has potential: spreads are likely to tighten given that economic activity is about to pick up and that firms have cleaned up their balance sheets. Within credit, the high-yield segment offers attractive investment opportunities: spreads have priced in a default rate of 6%, way above the historical average since 1998 of 4% and even further above the current forecast of 2%. Convertible bonds are also a good bet: their yields are often higher than those of straight bonds of similar risk, i.e. the conversion option seems significantly undervalued by markets. In sum, high yield and convertible bonds still have their place in portfolios for the medium term. Lastly, the fundamentals of emerging markets continue to improve: in many cases they are now sounder than those of developed markets. They have growing GDPs, much healthier trade balances and debt ratios, and risk premiums continue to fall. Emerging sovereign debt, corporate bonds and currencies therefore offer investment opportunities with attractive returns. PROTECT PORTFOLIOS FROM THE RISKS CAUSED BY THE CURRENT MONETARY EXTRAVAGANCE Whilst we do feel that recommending a bias towards risk assets (equities, high yield, convertible bonds and emerging debt) is justified, we must not lose sight of overall portfolio risk, which is still a key concern for all private investors. Given this, gold must take a substantial place in portfolios, being the ultimate protection against currency debasement and the ensuing inflationary risks. The monetisation of public debt is by its very nature likely to erode the value of the currency, and indeed the trust in fiat money, in those countries which make the most assiduous use of the printing press. Moreover, gold remains a real asset with fundamentally low correlation to other asset classes. Besides, nearly all indicators are pointing to a rise in the gold price in 2013. Central banks will stick to their zero interest rate policies. In addition there is a strong likelihood that (failing a viable deal on the fiscal cliff and the debt ceiling) the US’s credit rating will be downgraded from triple-A. Furthermore, increased demand from central banks – particularly in emerging countries – and from Chinese and Indian private investors, as well as the broadening of the investor base with the rise of ETFs, will exceed the annual gold mine output by far. All these factors will combine to push the price of the metal upwards. We therefore believe it is essential to maintain a significant allocation to gold in private investors’ portfolios as the metal will undoubtedly be the prime beneficiary of the prevailing monetary regime.


and its impact on asset allocation A VIRTUAL SAFETY NET As mentioned, in spite of the difficulty in constructing portfolios it remains possible to generate positive performance in the current climate. However, central banks’ determination to increase asset prices, stimulate economic growth and reduce the cost of capital for companies, thereby boosting investment and employment, is generating a risk of moral hazard. This risk is familiar to any trader or dealing room. It is now reaching all categories of investors in that central bank policy provides an implicit guarantee for the riskiest investments: by spreading a safety net to protect against risk of large losses, central banks are tempting investors to burden their portfolios with excessive risk. Since the crisis and the implementation of particularly aggressive economic policies, investment choices have been made dictated by the lack of returns in risk-free assets. Investment strategies are being driven not by the strength of economic fundamentals but by political decisions, and in some cases even by the mere announcement of such decisions. As explained by Jean-Jacques and Steve Ohana in an article in Les Echos, central banks and their policies have unintentionally undermined the credibility of financial markets and their action to keep prices at artificial levels entails considerable risks. Given the above, the challenge is no longer to try and forecast coming events, but to be flexible and ready to adapt to market developments, to seize the opportunities thrown up by the current, atypical, environment. For private bankers, entrusted with the responsibility of preserving client wealth, this environment offers opportunities for diversified and profitable investments but it also carries higher than normal risks, which they must understand and control. So it has become indispensable to hold on to uncorrelated assets, such as gold, which act as a shield against some of the more extreme – and not entirely improbable – risks. n

www.ubp.com

As financial experts and economists argue about the true nature of the low-rate policy adopted by most Western central banks, its effects on clients’ asset allocation are a major challenge for private bankers.


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Global Swiss financial centers

Zurich

Va

ud

Basel

eneva

G

Tic

ino

How do the Swiss financial centers compare to the rest of the world* * Les places financières suisses face au reste du monde Illustration : virtualIPO – Going Public In Switzerland © Lukas Schwitter Special thanks to the Swiss Design Institute for Finance and Banking in Zurich, University of the Arts.

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.25


Top 10 Swiss Banking Yearbook’13

#1

# 10

London

731,171 billion USD

Toronto

14,067,000

260,637 billion USD

7,890,000

5,936,000 35,7%

2,995,000 27,8%

#8

Chicago

#2

#9

Geneva

524,642 billion USD

1,209,637 billion USD

37,27 billion USD

9,547,000

19,128,000

817,000*

4,380,000

8,597,000

477,000

26,9%

11%**

30,0%

.26

New York

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

* Geneva + French zone * * Financial services only


Top 10 Swiss Banking Yearbook’13

#5

Zurich

#6

Seoul

#7

Tokyo

94,923 billion USD

773,864 billion USD

1,519,434 billion USD

1,875,000

24,0577,000

36,660,000

1,206,000

12,402,000

18,718,000

10,5%*

24,1%

19,4%

* Financial services only

Top 10 global financial centers

Gross National Product

00,000,000

Sources Brookings Institute PwC Genève Place Financière Zurich - Finanzplatz

Total Population

Total Employment

00,0%

#4

Singapore

327,243 billion USD

#3

Hong Kong

Financial and Business Services Total Employment

350,453 billion USD > 400,000

> 300,000

5,234,000

7,200,000

> 200,000 > 100,000

3,214,000

3,663,000

0-100,000

Financial Services Employees

20,5%

18,9% © Alter Ego Médias

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.27


Global Swiss financial centers

Both see their ratings Rank Rating Rank Rating Rankand Rating CentreGeneva and Zurich th London 785 12 1 edition 781 rankings progressing1 in the of– the 4 New York 2 765 2 772 Global Financial Centres Index published– by 7  21 Hong Kong 3 733 3 754 – Z/Yen Group. Waiting for the next edition to 4 Singapore 4 725 4 729 – beZurich published on 24 March 1 2 5 6912013. 6 689 GFCI 12

GFCI 11

CHANGES

Seoul

6

685

9

686

3

1

Tokyo

7

684

5

693

2

9

Chicago

8

683

7

688

1

5

E

very six months since 2007, the Global Financial Centres Index (GFCI) published by Z/Yen Group provides profiles, ratings and rankings for 77 financial centres, drawing on two separate sources of data: instrumental factors (external indices) and responses to an online survey. Many factors combine to make a financial centre competitive. The GFCI draws on over 86 instrumental factors which are grouped into five areas of competitiveness: People, Business Environment, Infrastructure, Market Access and General Competitiveness. In addition, GFCI uses responses to an ongoing online questionnaire completed by international financial services professionals. Respondents are asked to rate those centres with which they are familiar and to answer a number of questions relating to their perceptions of competitiveness. Overall, 28,180 financial centre assessments from 1,890 financial services professionals were used to compute the last edition of the GFCI, with older assessments discounted according to age. Overall ratings combine scores based on both instrumental factors and assessments by GFCI respondents around the world. London, New York, Hong Kong and Singapore have consistently been in the top four of the Global Financial Centres Index. We continue to believe that the relationship between London, New York and Hong Kong is mutually supportive. Whilst some industry professionals still see a great deal of competition, others from the industry appear to recognise that working together on certain elements of regulatory reform is likely to enhance the competitiveness of these centres. In GFCI 12, the top 10 includes three European centres, three North American centres and four Asia/Pacific centres. Of these, only three centres, all European, – London, Zurich and Geneva - see their rating improved, with Zurich and Geneva also progressing in terms of ranking respectively to the 5th and 9th rank. Seven centres experience declining ratings including all four Asia/Pacific centres. The past trend of large rises in ratings of Asia/Pacific centres appears to have stalled in GFCI 12. GFCI respondents believe however that Asian centres will continue to become more significant in the medium to long term.

Zurich and Geneva in the Top 10 world centres Geneva

9

682

14

679

5

3

Toronto

10

681

10

685

4

20 rating and ranking  Top Top 20 Evaluations et classement Centre

.28

GFCI 12 Rank Rating

GFCI 11 Rank Rating

CHANGES Rank Rating

London

1

785

1

781

4

New York

2

765

2

772

7

Hong Kong

3

733

3

754

 21

Singapore

4

725

4

729

4

Zurich

5

691

6

689

1

2

Seoul

6

685

9

686

3

1

Tokyo

7

684

5

693

2

9

Chicago

8

683

7

688

1

5

Geneva

9

682

14

679

5

3

Toronto

10

681

10

685

4

Boston

11

680

11

684

4

San Francisco

12

678

12

683

5

Frankfurt

13

677

13

681

4

Washington D.C.

14

672

15

677

1

5

Sydney

15

670

16

674

1

4

Vancouver

16

668

17

667

1

1

Montreal

17

667

18

658

1

9

Melbourne

18

657

20

653

2

4

Shanghai

19

656

8

687

 11

 31

Jersey

20

654

21

652

1

2

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013


Global Swiss financial centers

li ichael Mainel Professor M roup Z/Yen G

Gunten Chiara von G Z/Yen roup

Evaluation et classement en progression pour les deux principales places financières suisses, selon le Global Financial Centres Index publié par Z/Yen Group. En attendant le nouveau classement, fin mars prochain.

T

ous les six mois depuis 2007, GFCI, le Global Financial Centres Index (Index mondial des places financières) publié par Z/Yen Group, livre profils, notations et classements pour 77 places financières, s’appuyant sur deux sources distinctes de données : des facteurs instrumentaux (indices externes) et les réponses à une enquête en ligne. De nombreux éléments entrent en jeu pour déterminer la compétitivité d’une place financière. GFCI s’appuie sur 86 facteurs instrumentaux, regroupés en cinq pôles de compétitivité : les acteurs, le climat des affaires, les infrastructures, l’accès au marché et la compétitivité générale. De plus, GFCI utilise les réponses à un questionnaire en ligne rempli par des professionnels issus des services financiers internationaux. Les répondants sont invités à classer les places qu’ils connaissent et à répondre à un certain nombre de @ eriktham questions relatives à leur perception de la compétitivité. Ainsi, 28’180 évaluations de places financières, réalisées par 1890 professionnels, ont été utilisées pour la 12e édition du GFCI, plus un certain nombre d’évaluations antérieures, pondérées selon leur ancienneté. Les estimations combinent donc en définitive des facteurs instrumentaux et les réponses au questionnaire GFCI dans le monde. Londres, New York, Hong Kong et Singapour se sont systématiquement classées dans le top quatre du GFCI depuis sa première publication. Pour Z/Yen Group, la relation entre Londres, New York et Hong Kong est largement due à un soutien mutuel. Si quelques professionnels de l’industrie y voient toujours le résultat d’une forte concurrence entre elles, d’autres pensent que l’accroissement de compétitivité de ces places vient du fait qu’elles sont amenées à travailler ensemble sur certaines modifications de la réglementation des marchés. Dans l’édition 2012 du GFCI, les dix premières places financières citées se répartissaient entre trois européennes, trois nord-américaines et quatre situées dans la zone Asie/Pacifique. Seules trois d’entre elles - Londres, Zurich et Genève, toutes européennes, - on vu leur notation améliorée, Zurich et Genève progressant également au classement et se plaçant respectivement aux 5e et 9e rangs. Sept reculent, notamment les quatre d’Asie/Pacifique. Dans cette édition du GFCI, la tendance de forte croissance des notations des places d’Asie/Pacifique semble passée, même si les répondants pensent que les centres asiatiques continueront à prendre de l’importance, à moyen et long terme.

nd the GFCI a e n e Y Z/ t rogramm u Abo Futures p e tr d n n e a C n l /Ye cia

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.29


ncial Centres Index 12

Global Swiss financial centers

try Sectors

Z

The top four centres in the GFCI 12 overall index Industry sector sub-indices are created by urich and Geneva have consistently compared to the GFCI top four centres, Zurich and Geneva’s are top of the Asset Management, Government building the GFCI 12 statistical model using only featured in the top 15 financial centres since ratings continue to rise while three of the top four centres & Regulatory, Insurance and Professional the questionnaire responses from respondents GFCI was first published in 2007. In GFCI New York, Hong Kong and Singapore – saw their ratings Services sub-indices. working in the relevant industry sectors. The 12 (September 2012), Zurich ranks 5th with an decline since GFCI 11. For the latter two, this decline is part GFCI 12 dataset has been usedrating to produce overall of 691 while Geneva ranks 9th with of a trend that has seen Asian centres including Hong Kong, The wealth management sub-index shows that Tokyo, Shanghai, Beijing, Taipei and Shenzhen separate sub-indices forathe Banking, rating of 683,Asset displaying less then a 100 points Singapore, the specialist wealth management centres can Management, Insurance, Professional Services, difference with London, the world top financial stall or fall in GFCI 12. GFCI respondents indicate, however, Government & Regulatory andaccording Wealth to the GFCI. compete with the multi-sector global centres. centre that this trend is temporary. Management & Private Banking sectors. Zurich and Geneva are regarded as fairly stable In Europe, Zurich and Geneva consolidate their positions and competitive financial centres globally. When

as leading centres after London, whilst Frankfurt and Paris

London appears at the topconsidering of five of the six subtheir evolution over time, both have fallen back slightly since GFCI 10 (September 2011) indices. New York tops thecentres Banking sub-index. seem to follow a similar progression most likely due to the political uncertainty and the effects of Table 11 below shows the with top ten the ranked gap in ratings becoming smaller. When the Eurozone crisis. financial centres in the industry sector subindices: The Global Financial Centres Index 12 33

Ranking according to industry sectors

selonsub-indices les secteurs Table 11 | GFCIClassement 12 industry sector Topde 10 la finance Rank

Asset management

Banking

Government & regulatory

Insurance

Professional services

Wealth management

1

London (-)

New York (-)

London (-)

London (+2)

London (-)

London (-)

2 3

New York (-)

London (-)

Singapore (+1)

Seoul (-)

New York (-)

New York (-)

New York (-)

Zurich (+4)

Hong Kong (-)

Singapore (+2)

Hong Kong (-)

Hong Kong (-)

4

Hong Kong (-1)

5

Tokyo (+4)

Hong Kong (-)

Singapore (-)

Hong Kong (-3)

Singapore (-)

New York (-2)

Singapore (-)

Paris (+1)

Zurich (+3)

Zurich (-)

Singapore (+1)

Areas of Competitiveness Boston (-1) factorsTokyo Frankfurt The5 instrumental used(-)in the GFCI 12 (-1) 7 Chicago (+1) into Frankfurt model are grouped five key(+2) areas ofTokyo (-) competitiveness Business 8 Toronto (-1)(People, Zurich (-1) Environment, Geneva (+3) Market Access, Infrastructure and General 9 Zurich (+1) Toronto (-) Zurich (+3) Competitiveness). The GFCI 12 factor 10 San Francisco (-4) Chicago (-3) Toronto (-) assessment model is run with one set of instrumental factors at a time. Table 12 shows the top ten ranked centres in each sub-index:

Tokyo (-) Geneva (+1) Geneva (-) “It is good to see Geneva’s score Geneva (+14) Chicago (-) Toronto (-) now reflects its strengths in so Chicago (-1) Toronto (-1) Vancouver (+1) many areas.” Seoul (+10) Sydney (+4) Frankfurt (+3)

Private Banker based in Geneva

Sydney (+3)

Montreal (+6)

Jersey (-2)

Ranking according to five areas of competitiveness “Zurich maintains itscompetitiveness strong reputation for– private banking and  Table 12 | Classement GFCI 12 Area of sub-indices Top 10 selon cinq critères de compétitivité

wealth management – despite international pressure for more People Business Market access Infrastructure General disclosure.” environment competitiveness

Rank

Private Wealth Manager based in Zurich 1

London (-)

London (-)

London (-)

London (-)

London (-)

2

New York (-)

New York (-)

New York (-)

New York (-)

New York (-)

3

Hong Kong (-)

Hong Kong (-)

Hong Kong (-)

Hong Kong (-)

Hong Kong (-)

4

Singapore (-)

Singapore (-)

Singapore (-)

Singapore (-)

Singapore (-)

5

Zurich (+5)

Zurich (+3)

Zurich (+1)

Zurich (+2)

Zurich (+3)

5

Tokyo (-1)

Geneva (+4)

Geneva (+7)

Seoul (-)

Seoul (-1)

7

Seoul (-)

Seoul (-2)

Tokyo (-2)

Geneva (+2)

Tokyo (-1)

8

Chicago (-1)

Tokyo (-1)

Chicago (+1)

Tokyo (-3)

Geneva (+7)

9

Toronto (+5)

Chicago (-3)

Boston (+2)

Chicago (-1)

Chicago (-2)

10

Geneva (+5)

Frankfurt (+2)

Frankfurt (+3)

Frankfurt (-)

Toronto (-2)

SWISS BANKING YEARBOOK BANCAIRE 2013 The .30 top four financial centres in GFCI- L’ANNÉE 12 – London, New York, Hong Kong and Singapore –

Zurich et Genève ont systématiquement été classées parmi les 15 premières places financières mondiales depuis la première parution du GFCI en 2007. Dans GFCI 12, paru en septembre 2012, Zurich se place 5e avec une note globale de 691 tandis que Genève se classe 9e avec une note de 683, affichant moins de 100 points de différence avec Londres, la première place financière selon GFCI. Zurich et Genève sont considérées comme des places financières assez stables et concurrentielles. Au fil du temps, les deux centres semblent suivre une progression similaire, avec un écart dans les notations qui se rétrécit. Comparées aux quatre premières places, Zurich et Genève continuent leur ascension, tandis que trois de ces quatre places principales - New York, Hong Kong et Singapour - ont vu leurs notations décliner depuis GFCI 11. Concernant ces deux dernières, la baisse suit une tendance qui voit les places asiatiques, dont Hong Kong, Singapour, Tokyo, Shanghai, Beijing, Taipei et Shenzhen, stagner ou baisser dans le classement GFCI. Les répondants à l’enquête indiquent cependant que cette tendance est temporaire. En Europe, Zurich et Genève consolident leurs positions de places dominantes après Londres, tandis que Francfort et Paris on connu un léger recul après GFCI 10 (Septembre 2011) probablement en raison de l’incertitude politique et des effets de la crise de la zone Euro.


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Switzerland Swiss financial centers

Switzerland as a good location for financial services Switzerland is often considered as a single financial centre, but financial services and activities take place primarily through five hubs: Zurich, Geneva, Basel, Ticino and Vaud. In Switzerland, the financial sector itself is a supporting pillar of the economy, generating nearly 11% of the national GDP and employing over 211,000 people. Banks are the key players in the sector. Switzerland had 305 banks authorised by Finma at the end of 2012. Wealth management is at the core of Swiss banking activities. Historically, Switzerland gained prominence in wealth management during the 20th century thanks to the combination of a stable currency and economy, neutral policy and robust bank client confidentiality. At the end of 2011, Swiss banks managed assets totalling CHF 5,300 billion of which 51% belonged to foreign clients. Switzerland is indeed a leading player in cross-boarder private wealth management with a 27% share of the market. Three Swiss banks, including UBS and Credit Suisse, can be found in the top ten of the world’s biggest wealth managers. The second most important players are insurers. In 2010, 66% of their global premium income for private insurance and re-insurance

was generated abroad indicating their high level of internationalisation. Swiss insurance companies have increasingly specialised in re-insurance making of Switzerland the fourth largest player in reinsurance in the world. Switzerland is also a major player in currency trading, commodity trading and commodity trade finance as well as in the management of funds and hedge funds. Switzerland is often considered as a single financial centre, but financial services and activities take place primarily through five hubs – Zurich, Geneva, Basel, Ticino and Vaud. Of these, only Zurich and Geneva are currently included the Global Financial Centres Index.

Swiss Gross Domestic Product

key figures

564.85 billion CHF

#5

781 Zurich

689 Geneva

Added Value as a % of GDP

59.25 billion CHF Financial sector Added Value

.34

#1

London

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

10,5%

#9

679


Switzerland Swiss financial centers

La Suisse est souvent considérée comme une place financière en tant que telle, mais services financiers et activités s’y déroulent principalement à travers cinq pôles : Zurich, Genève, Bâle, Tessin et Vaud.

Le secteur financier est un pilier de l’économie suisse, générant près de 11% du PIB national et employant plus de 211’000 personnes. Les banques sont les principaux acteurs de ce secteur. Fin 2012, la Suisse comptait 305 banques autorisées par la Finma. La gestion de fortune est au cœur des activités bancaires suisses. Historiquement, la Suisse a gagné en importance dans la gestion de patrimoine au cours du 20e siècle, grâce à la combinaison d’une monnaie et d’une économie stables, d’une politique de neutralité et d’un secret bancaire solide. Fin 2011, les banques suisses géraient des actifs s’élevant à 5’300 milliards de francs suisses, dont 51% appartenant à des clients étrangers. La Suisse est en effet un acteur de premier plan dans la gestion transfrontalière de fortunes privées avec une part de marché de 27%. Trois banques suisses, dont UBS et Crédit Suisse, se situent parmi les dix principaux gestionnaires de fortune du monde. Les seconds acteurs les plus importants sont les sociétés d’assurance. En 2010, 66% de leur chiffre d’affaires assurance privée et réassurance a été réalisé à l’étranger, ce qui indique leur haut niveau d’internationalisation. Les compagnies d’assurance suisses se sont de plus en plus spécialisées dans la réassurance, propulsant la Suisse au quatrième rang mondial dans ce secteur. La Suisse est également un acteur important du négoce des devises, des matières premières, du financement du commerce des produits de base ainsi que de la gestion de fonds de placement et de fonds spéculatifs. La Suisse est souvent considérée comme une place financière en tant que telle, mais les services financiers et les activités s’y déroulent principalement à travers cinq pôles : Zurich, Genève, Bâle, Tessin et Vaud. Parmi eux, seuls Zurich et Genève sont actuellement intégrés au Global Financial Centres Index.

Financial sector employment Total Employment Financial service activities

6,2%

124,400 Sources State Secretariat for International Financial Matters (SIF) Kanton Zürich Repubblica e Cantone Ticino USTAT, Dati, Ticino Genève Place Financière Zurich - Finanzplatz Associazione Bancaria Ticinese Swiss Bankers Association

228 305

47,900 Insurance and Pension funding sector

211,400 Financial sector

Insurance companies

39,100 Banks

2265

Pension funds

Activities auxiliary to financial services and insurance activities

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

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Switzerland Swiss financial centers

Zurich

Zurich is an internationally renowned financial Zurich est une place financière internationalement ancial Centres Index 12 centre and it has consistently ranked in the top renommée qui s’est toujours classée dans le top 10 since GFCI was first published. In 2011, 10 depuis la première publication du GFCI. En Zurich contributed to nearly half (47%) of the 2011, Zurich a contribué à près de la moitié added value of the whole financial sector in (47%) de la valeur ajoutée du secteur financier Switzerland. Zurich is home to the Swiss Stock en Suisse. Zurich héberge Swiss Stock Exchange Exchange (SIX), one of the largest exchanges in (SIX), une des bourses les plus importantes en Europe in terms of market capitalisation (SIX, en terme Zurich’s overall average assessment is 721 up from 717 inEurope GFCI 11. Northde capitalisation boursière. La 2013 ). The national exchange has operated since bourse nationale fonctionne depuis 1996, année American assessments of Zurich together with those from the Middle East 1996 following the merger between Zurich, de la fusion entre celles de Zurich, Bâle, Genève & Africa are strong. Offshore and European respondents are much closer to Basel, Geneva and Lausanne’s exchanges. et Lausanne.

the mean. Asia/Pacific respondents are less favourable.

Contribution to the Swiss GDP

47%

Contribution to the canton GDP

Chart 10 | Assessments by region – difference from the mean – Zurich

22,5%

Asia/Pacific (14.8%) Middle East/Africa (1.7%) Latin America (0.3%) Mean without European assessments

Financial sector employment

North America (7.4%) Offshore (30.3%) Europe (45.5%)

-150

-100

-50

0

50

100

150

96,000

Assessment by regions

Frankfurt’sEvaluations overall average assessment is 702 down slightly from 705 in selon les régions de répondants GFCI 10. Frankfurt is given lower assessments by people based in offshore Examining the assessments given to each major centre is a useful means of locations andtheLatin America. assessing relative strength and weakness of their reputation in different

Analyser les évaluations de chaque place financière majeure est un moyen utile d’évaluer les forces et les faiblesses relatives de leur réputation dans les autres régions du globe. Zurich est généralement bien perçue par les répondants GFCI, region. Zurich is generally well perceived and rated by GFCI respondents, scoring atteignant ainsi une note de 721 dans GFCI 12, en hausse de 4 points. Les 721 on11 assessments in GFCI by 12, region up from–717 in GFCI 11. North American Chart | Assessments difference from the mean – Frankfurt évaluations nord-américaines de Zurich et celles du Moyen-Orient et de l’Afrique assessments of Zurich together with those from the Middle East & Africa are sont élevées. Les répondants offshores et européens sont beaucoup plus proches strong. Offshore and European respondents are much closer to the mean, while de la moyenne, tandis que ceux d’Asie/Pacifique sont moins favorables. Asia/Pacific respondents are less favourable. Mean without Asia/Pacific (23.4%) European assessments

Middle East/Africa (2.6%)

Vaud-151.9

Basel

Latin America (0.3%) North America (12.7%)

Lausanne/Vaud is the third financial centre in Lausanne / Vaud est la 3e place financière Offshore (9.4%) Switzerland, well regarded for its activities in Suisse, réputée pour ses activités de gestion Europe (51.6%)et ses services d’assurance mais wealth management and insurance services, de patrimoine Lausanne/Vaud is also specialised in capital également spécialisée dans le capital-risque, le -150 -100 -50 0 50 100 150 risk, corporate finance and trade finance (Etat de financement des entreprises et le financement Vaud). The region also takes advantage of the du commerce. La zone profite également numerous higher education institutions such as de nombreuses institutions d’enseignement the University of Lausanne, by IMD, the EPFL, Chart 12 | Assessments region – differencesupérieur from thecomme mean –l’Université Geneva de Lausanne, HEC as well as the International Center for l’IMD, l’EPFL, HEC et le Centre international Financial Asset Management and Engineering. d’ingénierie et de gestion des actifs financiers. Asia/Pacific (12.3%)

Middle East/Africa (1.5%)

Contribution to the Swiss GDP  Latin America (0.3%)

6,5% -150 .36

-100

Mean without European assessments

Financial sector employment

8,5%

Contribution to the Swiss GDP 

9,

North America (8.6%) Offshore (34.9%)

 Europe (42.3%) Contribution to the canton GDP -50

Basel (town) is another major financial centre in Switzerland, with financial activities accounting for nearly 5% of the value added of the sector at national level. Specialised in private banking, risk capital and insurance, Basel hosts the headquarters of UBS and of the Bank for International Settlements. In addition, it is where the Swiss Bankers Association was originally founded in 1912.

0

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

5% 13,500

50

100

 Contribution to

150


Offshore (30.3%) Europe (45.5%) -150

-100

-50

0

50

100

150

Switzerland Swiss financial centers

Frankfurt’s overall average assessment is 702 down slightly from 705 in GFCI 10. Frankfurt is given lower assessments by people based in offshore locations and Latin America.

Chart 11 | Assessments by region – difference from the mean – Frankfurt

Geneva

Geneva has consistently ranked in the top 15 Genève a été régulièrement classée dans le Top 15 Mean without Asia/Pacific In (23.4%) centres since the GFCI was first published. 2011, depuis la première parution du GFCI. En 2011, elle European assessments Geneva contributed to nearly 13% of the value a contribué à près de 13% de la valeur ajoutée du Middle East/Africa (2.6%) added by the financial sector nationally, making it secteur financier à l’échelle nationale, ce qui en fait -151.9 Latin America (0.3%) the second financial centre in Switzerland. Geneva le 2e centre en Suisse. Elle est aujourd’hui un acteur America and (12.7%) mondial dans le négoce des matières premières et is a major player in wealth North management has le financement become a strog contender in Commodity Trading Offshore (9.4%)du commerce des produits de base. Avec près de 400 sociétés et plus de 8000 employés and Commodity Trade Finance. With around 400 Europe (51.6%) dans ce secteur, Genève est un acteur mondial pour trading companies and over 8000 employees in aussi dans le 150 négoce this -150 sector, Geneva-100 is number one -50 worldwide in 0 la gestion de 50fortune mais100 des céréales et oléagineux, ainsi que dans le coton grains and oil seeds, as well as cotton (tied with (à égalité avec Londres) et est la place financière London) and is the leading centre in Europe for dominante en Europe pour le commerce du sucre. trading in sugar.

Contribution to the Swiss GDP

13%

Contribution to the canton GDP

Chart 12 | Assessments by region – difference from the mean – Geneva

17,5%

Asia/Pacific (12.3%) Middle East/Africa (1.5%) Latin America (0.3%)

Financial sector employment

North America (8.6%)

Mean without European assessments

Offshore (34.9%)

Europe (42.3%) -150

-100

-50

0

50

100

150

30,000

Assessment by region Evaluations selon les régions de répondants

Like Zurich, Geneva is generally well regarded by GFCI respondents and scores 709 on assessments in GFCI 12, up from 703 in GFCI 11. Geneva is given lower assessment by professionals based in North America and to some extent Offshore centres and Asia Pacific. On the other hand, Geneva enjoys favourable assessments by professionals based in Europe, Latin America and Middle East/ Africa.

Comme Zurich, Genève est généralement bien considérée par les répondants et atteint un score de 709 dans GFCI 12, en hausse de 6 points. Genève reçoit des évaluations plus basses des professionnels basés en Amérique du Nord et, dans une certaine mesure, des centres offshore et en Asie-Pacifique. A l’inverse, Genève bénéficie d’évaluations favorables de la part des professionnels basés en Europe, en Amérique latine et au Moyen-Orient / Afrique.

Ticino Bâle (ville) est une autre place financière Suisse d’importance, avec des activités représentant près de 5% de la valeur ajoutée du secteur au niveau national. Spécialisée dans la banque privée, le capital-risque et l’assurance, Bâle accueille le siège de l’UBS et de la Banque des règlements internationaux. En outre, c’est là que l’Association des Banquiers suisse a été fondée en 1912. Financial sector employment

Ticino is well known for wealth management activities especially with Italian clients that share a common language and similar culture. The centre has diversified its activities to include asset management and commodity trading. Ticino is increasingly contributing to Switzerland’s significance in commodity trading with 70 operators active in metals (including steel), carbon and some soft commodities.

Contribution to the Swiss GDP 

Financial sector employment

10,3%

5% 4%

 the canton GDP

La place financière du Tessin est réputée pour ses activités de gestion de patrimoine en particulier avec les clients italiens qui partagent une langue et une culture communes. Elle a diversifié ses activités pour y inclure la gestion d’actifs et le négoce de matières premières. Elle contribue de plus en plus au rôle de la Suisse dans le commerce des matières premières grâce à 70 opérateurs particulièrement actifs dans les métaux (y compris l’acier), le carbone et certains produits agricoles.

12,000

 Contribution to the canton GDP

9,600

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

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308 Bank Profiles Banking in Switzerland

2 Large banks + 7 Institutions with a special field of business

66 +1 Regional banks

13 Private bankers

Swiss Banks Data Authorised banks, December 31st, 2012 - Financial data 2011.

Banques autorisées au 31 décembre 2012 - Données financières 2011.

24 Cantonal banks

195 Commercial and asset management banks

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.41


308 Bank Profiles Banking in Switzerland

A to Z De A à Z Aargauische Kantonalbank  Acrevis Bank  AEK Bank 1826  AKB Privatbank Zürich  Alpha Rheintal Bank  Alternative Bank Schweiz  AP Anlage & Privatbank  Appenzeller Kantonalbank  Aquila & Co  Arab Bank (Switzerland)  Arvest Privatbank  Axion Swiss Bank 

46 48 48 54 48 54 60 46 71 60 54 54

Baloise Bank SoBa  48 Banca Aletti & C. (Suisse)  60 Banca Arner  54 Banca Credinvest  60 Banca del Ceresio  54 Banca del Sempione  60 Banca dello Stato del Cantone Ticino  46 Banca Intermobiliare di Investimenti e Gestioni  60 Banca Popolare di Sondrio  60 Banca Privata Edmond de Rothschild Lugano  54 Banca Zarattini & Co  61 Banco Itaú (Suisse)  61 Banco Santander (Suisse)  61 Bank am Bellevue  54 Bank BSU  48 Bank CIC (Schweiz)  61 Bank Coop  56 Bank EEK  48 Bank EKI  48 Bank Frey & Co  56 Bank für Tirol und Vorarlberg, Innsbruck  70 Bank Gantrisch  48 Bank Gutenberg  56 Bank Hapoalim (Schweiz)  61 Bank in Zuzwil  48 Bank Julius Bär & Co  56 Bank Linth LLB  62 Bank Morgan Stanley  62 Bank Sal. Oppenheim jr. & Cie 62 Bank Sarasin & Cie  62

Bank Sparhafen Zürich  48 Bank Thalwil  49 Bank von Roll  56 Bank Vontobel  56 Bank Zimmerberg  49 Bank Zweiplus  62 Bank-now  56 Bankhaus Jungholz  62 BankMed (Suisse)  62 Banque Algérienne du Commerce Extérieur  62 Banque Audi (Suisse)  62 Banque Baring Brothers Sturdza  56 Banque Bénédict Hentsch & Cie  56 Banque Bonhôte & Cie  56 Banque Cantonale de Fribourg 46 Banque Cantonale de Genève 46 Banque Cantonale du Jura  46 Banque Cantonale du Valais  46 Banque Cantonale Neuchâteloise  46 Banque Cantonale Vaudoise  46 Banque Cramer & Cie  56 Banque de Commerce et de Placements  62 Banque de Dépôts et de Gestion  62 Banque Du Bois  62 Banque Genevoise de Gestion56 Banque Heritage  62 Banque Hottinger & Cie  56 Banque Internationale à Luxembourg (Suisse)  62 Banque Internationale de Commerce - Bred, Paris  70 Banque J. Safra (Suisse)  62 Banque Morval  56 Banque Pâris Bertrand Sturdza  58 Banque Pasche  63 Banque Privée BCP (Suisse)  63 Banque Privée Edmond d e Rothschild  58 Banque Privée Espírito Santo 63 Banque Profil de Gestion  63

Banque Syz & Co  58 Banque Thaler  63 Bantleon Bank  63 Barclays Bank (Suisse)  63 Barclays Capital, succursale de Barclays Bank PLC, London  70 Basellandschaftliche Kantonalbank  46 Basler Kantonalbank  46 Baumann & Cie  72 BBO Bank Brienz Oberhasli  49 BBVA (Suiza)  63 BEKB | BCBE  47 Berenberg Bank (Schweiz)  63 Bezirks-Sparkasse Dielsdorf  49 BHF-Bank (Schweiz)  63 Blom Bank (Switzerland)  63 BNP Paribas (Suisse)  63 BNP Paribas Securities Services, Paris  70 Bordier & Cie  72 BSI  63 Burgergemeinde Bern, DC Bank Bern  49 Burgerliche Ersparniskasse Bern  49 BZ Bank Aktiengesellschaft  58

Caisse d’Epargne de Cossonay 49 Caisse d’Epargne de Nyon  49 Caisse d’Epargne et de Crédit Mutuel de Chermignon  49 Caisse d’Epargne Riviera  49 Caisse d’Epargne d’Aubonne 49 Caixa de Aforros de Galicia, Vigo, Ourense e Pontevedra, La Corogne  70 CBH - Compagnie Bancaire Helvétique  58 Central mortgage bond institute of the Swiss cantonal banks  44 Centrum Bank (Schweiz)  63 CIM Banque  63 Citibank (Switzerland)  64 Citibank, N.A., Sioux Falls  70 Citibank, NA, Sioux Falls  71 Clientis  44

Clientis Bank im Thal  49 Clientis Bank KüttigenErlinsbach  49 Clientis Bank Leerau  49 Clientis Bank Oberaargau  49 Clientis Bank Oberuzwil  50 Clientis Bank Thur  50 Clientis Bank Toggenburg  50 Clientis Bernerland Bank  50 Clientis Biene Bank im Rheintal  50 Clientis BS Bank Schaffhausen50 Clientis Caisse d’Epargne CEC  50 Clientis EB Entlebucher Bank 50 Clientis Regiobank Männedorf50 Clientis Spar- und Leihkasse Thayngen  50 Clientis Sparcassa 1816  50 Clientis Sparkasse Oftringen  50 Clientis Sparkasse Sense  50 Clientis Zürcher Regionalbank50 Commerzbank, Frankfurt am Main  70 Cornèr Banca  58 Coutts & Co Ltd  64 Crédit Agricole (Suisse)  64 Crédit Agricole Financements (Suisse)  64 Credit Europe Bank (Suisse)  64 Crédit Mutuel de la Vallée  52 Credit Suisse  44

Degroof Banque Privée  Deka(Swiss) Privatbank  Deutsche Bank (Suisse)  Deutsche Bank, Frankfurt am Main  Dominick Company  Dreyfus Söhne & Cie  Dukaskopy Bank  DZ Privatbank (Schweiz) 

E. Gutzwiller & Cie Banquiers  EFG Bank European Financial Group 

64 64 64 70 64 58 64 64

72 64

Based on 2011 individual financial statements established by bank head offices (parent companies) in Switzerland and their legally dependent domestic and foreign branches as required by BNS. With the big banks in particular, these statements may differ from the group consolidated statements. .42

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013


308 Bank Profiles Banking in Switzerland

EFG International  64 Entris Banking  44 Ersparniskasse Affoltern  52 Ersparniskasse Rüeggisberg  52 Ersparniskasse Schaffhausen 52 Ersparniskasse Speicher  52 Exane Derivatives, Paris  70

F. van Lanschot Bankiers (Schweiz)  64 Faisal Private Bank (Switzerland)  64 Falcon Private Bank  65 Fibi Bank (Schweiz)  65 Finter Bank Zürich  65 FMCC Finance, der Volvo Auto Bank Deutschland, Köln  70 Frankfurter Bankgesellschaft (Schweiz)  65 Freie Gemeinschaftsbank  58

Gazprombank (Schweiz)  GE Money Bank  Glarner Kantonalbank  Globalance Bank  Goldman Sachs Bank  Gonet & Cie  Graubündner Kantonalbank  GRB Glarner Regionalbank 

Habib Bank Zürich  Habibsons Bank Lid, London Hinduja Banque (Suisse)  HSBC Bank PLC, London  HSBC Private Bank (Suisse)  Hyposwiss Privatbank  Hyposwiss Private Bank Genève  Hypothekarbank Lenzburg 

65 65 47 58 65 72 47 52 65 70 65 70 65 58

KBL (Switzerland) Ltd 

68

La Roche & Co Banquiers 

72 72 68 52 68 68

Pictet & Cie  Piguet, Galland & Cie  PKB Privatbank  Privatbank Bellerive  Privatbank IHAG Zürich  Privatbank Von Graffenried  Private Client Bank  Private Client Partners 

68

QNB Banque Privée

52

(Suisse)69 Quilvest (Switzerland)  71

Landolt & Cie Banquiers  LBBW (Schweiz)  Leihkasse Stammheim  Leumi Private Bank  LGT Bank (Schweiz)  Liechtensteinische Landesbank (Schweiz)  Lienhardt & Partner Privatbank Zürich  Lloyds TSB Bank PLC, London  Lombard Odier & Cie  Luzerner Kantonalbank 

71 72 47

M.M. Warburg Bank (Schweiz)  68 Maerki Baumann & Co  58 MediBank  58 Mercantil Bank (Schweiz)  68 Merrill Lynch Bank (Suisse)  68 Merrill Lynch Capital Markets 68 MIG Banque  68 Migros Bank  58 Mirabaud & Cie Banquiers Privés  72 Mitsubishi UFJ Wealth Management Bank (Switz.)  68 Mizuho Bank (Schweiz)  68 Mortgage bond bank of the Swiss mortgage institutions  44 Mourgue d’Algue & Cie  72

65 InCore Bank  58 ING Belgique, Bruxelles  70 Intesa Sanpaolo Private Bank (Suisse)  65 Investec Bank (Switzerland)  65 Isbank, Frankfurt am Main  70

NBAD Private Bank (Suisse)  NBK Banque Privée (Suisse)  Neue Aargauer Bank  Neue Helvetische Bank  Newedge Group, Paris  Newedge Group, Paris  Nidwaldner Kantonalbank  Nomura Bank (Schweiz)  Nordea Bank S.A., Luxemburg  Notenstein Privatbank  NPB Neue Privat Bank 

68 68 52 59 71 71 47 68

J.P. Morgan (Suisse) 

Obwaldner Kantonalbank 

47

58 52

IDB (Swiss) Bank Ltd 

65

J.P. Morgan Securities Ltd, London  71 JPMorgan Chase Bank, National Assoc., Columbus  71 Jyske Bank (Schweiz)  65

71 59 59

Petercam Private Bank (Switzerland)  69 PHZ Privat- und Handelsbank Zürich  59

72 59 69 59 59 59 59 59

Rahn & Bodmer 

72 Raiffeisen Schweiz  53 RBC Dexia Investor Services Bank, Esch-sur-Alzette  71 Regiobank Solothurn  52 Reichmuth & Co  72 Reyl & Cie  59 Rothschild Bank  69 Royal Bank of Canada (Suisse)  69

Sallfort Privatbank 69 Saxo Bank (Switzerland)  SB Saanen Bank  Sberbank  Schaffhauser Kantonalbank  Schroder & Co Bank  Schwyzer Kantonalbank  Scobag Privatbank  Sella Bank  SIX SIS  SIX x-clear  Skandinaviska Enskilda Banken, Luxembourg  Società Bancaria Ticinese  Société Générale Private Banking (Lugano-Svizzera)  Société Générale Private Banking (Suisse)  Société Générale, Paris  Spar + Leihkasse Gürbetal  Spar + Leihkasse Münsingen  Spar- und Leihkasse Bucheggberg  Spar- und Leihkasse Frutigen  Spar- und Leihkasse Leuk und Umgebung  Spar- und Leihkasse Riggisberg 

69 52 69 47 69 47 59 69 44 44 71 59

Spar- und Leihkasse Wynigen  Sparkasse Engelberg  Sparkasse Schwyz  Sparkasse Trogen  Sparkasse Wiesendangen  St. Galler Kantonalbank  Standard Chartered Bank (Switzerland)  State Street Bank GmbH, München  Stratéo Genève, succursale de Keytrade Bank, Bruxelles  Swiss Bankers Prepaid Services  Swiss National Bank  Swissquote Bank 

The Royal Bank of Scotland NV, Amsterdam  The Royal Bank of Scotland PLC, Edinburgh  Thurgauer Kantonalbank  Trafina Privatbank  Triba Partner Bank  UBS  UBS Limited, London, Swiss Branch  UniCredit Bank, München  Union Bancaire Privée, UBP  United Bank (Zürich)  United Mizrahi Bank (Schweiz)  Urner Kantonalbank 

Vadian Bank 

69 71 52

Valartis Bank  Valiant Bank  Volksbank Bodensee  Vorarlberger Landes- und Hypothekenbank Bregenz  VP Bank (Schweiz)  VZ Depotbank 

52

Wegelin & Co 

69

WIR Bank  52 53

53 53 53 53 53 47 69 71 71 59 44 59

71 71 47 60 53 44 71 71 60 69 69 47 53 60 53 70 71 70 60 72 60

Zuger Kantonalbank 

47 Zürcher Kantonalbank  47 Zürcher Landbank  53

53 53

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.43


308 Bank Profiles Large Banks and institutions

In CHF thousands / en milliers de francs

Paradeplatz 8 8070 Zürich

Bahnhofstrasse 45 8001 Zürich

p

www.credit-suisse.com

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

www.ubs.com

40 173 846

Equity 2011:

620 610 919

Total Sheet 2011:

618 651 837

Total Sheet 2010:

846 085 117

863 494 512

CENTRAL MORTGAGE BOND INSTITUTE SWISS CANTONAL BANKS

MORTGAGE BOND BANK OF THE SWISS MORTGAGE INSTITUTIONS

Bahnhofstrasse 9 8001 Zürich

Nansenstrasse 16 8050 Zürich

p

Total Sheet 2011:

Total Sheet 2010:

Equity 2011:

954 679

Total Sheet 2011:

27 836 212

Total Sheet 2010:

23 901 203

50 464 605

47 904 101

ENTRIS BANKING

Gurtengasse 6 3011 Bern

Mattenstrasse 8 3073 Gümligen

p

www.clientis.ch

Equity 2011:

Total Sheet 2010:

www.entris-banking.ch

36 548

Equity 2011:

361 440

Total Sheet 2011:

402 615

Total Sheet 2010:

SIX SIS

Equity 2011:

Total Sheet 2010:

3 951 891

Brandschenkestrasse 47 8002 Zürich

p

www.six-sis.com

Total Sheet 2011:

116 266

2 869 268

SIX X-CLEAR

Baslerstrasse 100 4600 Olten

www.six-x-clear.com

112 400

Equity 2011:

3 214 120

Total Sheet 2011:

2 920 489

Total Sheet 2010:

SWISS NATIONAL BANK Börsenstrasse 15 8001 Zürich www.snb.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

1 014 376

CLIENTIS

Total Sheet 2011:

p

www.pfandbriefbank.ch

www.pfandbriefzentrale.ch

Equity 2011:

.44

28 939 602

p

2 Large banks + 7 Institutions with a special field of business

UBS

p

CREDIT SUISSE

52 113 765

346 079 329

269 954 864

p

54 860

243 073 118 739

p


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31.05.12 14:01


308 Bank Profiles Cantonal Banks

APPENZELLER KANTONALBANK

Bahnhofplatz 1 5000 Aarau

Bankgasse 2 9050 Appenzell

www.akb.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

AARGAUISCHE KANTONALBANK

www.appkb.ch

661 480

Equity 2011:

19 652 787

Total Sheet 2011:

19 002 097

Total Sheet 2010:

BANCA DELLO STATO DEL CANTONE TICINO Viale H. Guisan 5 6500 Bellinzona

Total Sheet 2011:

Total Sheet 2010:

p

www.bcf.ch

Total Sheet 2011:

8 869 263

Total Sheet 2010:

8 543 163

p

823 000

14 425 019

13 079 756

BANQUE CANTONALE DE GENÈVE

BANQUE CANTONALE DU JURA

quai de l’Ile 17 1204 Genève

rue des Malvoisins 23 2900 Porrentruy

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

www.bcj.ch

929 851

Equity 2011:

15 972 848

Total Sheet 2011:

14 316 225

Total Sheet 2010:

118 541

2 104 401

BANQUE CANTONALE NEUCHÂTELOISE

Rue des Cèdres 8 1950 Sion

Place Pury 2000 Neuchâtel

p

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

www.bcn.ch

569 982

Equity 2011:

11 488 836

Total Sheet 2011:

10 332 136

Total Sheet 2010:

318 050

7 363 825

BASELLANDSCHAFTLICHE KANTONALBANK

Place Saint-François 1003 Lausanne

Rheinstrasse 7 4410 Liestal

www.bcv.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

2 198 479

37 338 859 35 114 064

www.blkb.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

8 065 239

BANQUE CANTONALE VAUDOISE

p

p

2 231 105

BANQUE CANTONALE DU VALAIS

www.bcvs.ch

.46

2 329 019

2 223 581

Boulevard de Pérolles 1 1700 Fribourg Equity 2011:

294 296

www.bcge.ch

24 Cantonal banks

85 509

BANQUE CANTONALE DE FRIBOURG

www.bancastato.ch

Equity 2011:

p

753 860

18 739 911

17 124 249

p


308 Bank Profiles Cantonal Banks

BASLER KANTONALBANK

www.bkb.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

Bundesgasse 6 3001 Bern

GLARNER KANTONALBANK

p

www.bekb.ch

785 211

Equity 2011:

25 372 959

Total Sheet 2011:

22 369 135

Total Sheet 2010:

Hauptstrasse 21 8750 Glarus www.glkb.ch

1 419 380

Equity 2011:

25 260 496

Total Sheet 2011:

24 380 159

Total Sheet 2010:

p

Spiegelgasse 2 4051 Basel

BEKB | BCBE

138 210

3 307 019

3 307 963

GRAUBÜNDNER KANTONALBANK

LUZERNER KANTONALBANK

NIDWALDNER KANTONALBANK

Grabenstrasse/Poststrasse 7000 Chur

Pilatusstrasse 12 6003 Luzern

Stansstaderstrasse 54 6370 Stans

www.gkb.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

p

www.lukb.ch

636 266

Equity 2011:

17 821 567

Total Sheet 2011:

16 792 954

Total Sheet 2010:

www.nkb.ch

1 385 762

Equity 2011:

26��895 471

Total Sheet 2011:

25 881 630

Total Sheet 2010:

p

130 458

3 497 253

3 300 666

OBWALDNER KANTONALBANK

SCHAFFHAUSER KANTONALBANK

SCHWYZER KANTONALBANK

Bahnhofstrasse 2 6060 Sarnen

Vorstadt 53 8200 Schaffhausen

Bahnhofstrasse 3 6431 Schwyz

p

www.owkb.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

www.szkb.ch

www.shkb.ch

161 958

Equity 2011:

3 509 837

Total Sheet 2011:

3 252 862

Total Sheet 2010:

242 359

Equity 2011:

4 935 500

Total Sheet 2011:

4 715 693

Total Sheet 2010:

484 118

13 026 422 11 956 604

ST. GALLER KANTONALBANK

THURGAUER KANTONALBANK

URNER KANTONALBANK

Rabengasse 4 9450  Altstätten

Bankplatz 1 8570 Weinfelden

Bahnhofstrasse 1 6460 Altdorf

p

www.sgkb.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

www.tkb.ch

1 823 446

Equity 2011:

25 106 665

Total Sheet 2011:

23 487 492

Total Sheet 2010:

ZUGER KANTONALBANK Baarerstrasse 37 6301 Zug www.zugerkb.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

462 305

11 654 837

10 715 412

p

www.urkb.ch

764 950

Equity 2011:

16 727 811

Total Sheet 2011:

16 027 349

Total Sheet 2010:

p

p

93 264

2 432 463

2 315 880

ZÜRCHER KANTONALBANK

p

Bahnhofstrasse 9 8001 Zürich

p

www.zkb.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

3 932 975

130 723 825

123 840 234

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.47


308 Bank Profiles Regional Banks

ACREVIS BANK*

AEK BANK 1826

Marktplatz 1 9004 St. Gallen

Hofstettenstrasse 2 3600 Thun

www.swissregiobank.ch

66 +1 Regional banks

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

www.aekbank.ch

155 450

Equity 2011:

3 566 432

Total Sheet 2011:

-

Total Sheet 2010:

ALPHA RHEINTAL BANK Bahnhofstrasse 2 9435 Heerbrugg

Total Sheet 2011:

Total Sheet 2010:

p

1 552 330

Total Sheet 2011:

Total Sheet 2010:

BANK BSU

p

www.bsu.clientis.ch

47 400

Total Sheet 2011:

780 305

Total Sheet 2010:

p 49 309

Total Sheet 2011:

770 783

www.bankbiz.ch

Total Sheet 2010:

.48

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

1 051 586

9 570

219 924

207 701

Bahnhofstrasse 2 3150 Schwarzenburg Equity 2011:

832 676

Mitteldorfstrasse 48 9524 Zuzwil Equity 2011:

40 000

1 070 723

p

www.bankaek.ch

Total Sheet 2010:

BANK IN ZUZWIL

Total Sheet 2011:

p

BANK GANTRISCH**

www.bankeki.ch

Total Sheet 2010:

6 683 690

6 376 719

Amthausgasse 14 3011 Bern Equity 2011:

826 965

Rosenstrasse 1 3800 Interlaken Equity 2011:

297 500

www.eek.ch

BANK EKI

Total Sheet 2011:

p

BANK EEK

Bankstrasse 21 8610 Uster

Total Sheet 2010:

Amthausplatz 4 4500 Solothurn Equity 2011:

1 449 044

Equity 2011:

2 895 844

2 732 474

www.baloise.ch

82 500

Total Sheet 2011:

222 598

BALOISE BANK SOBA

www.alpharheintalbank.ch

Equity 2011:

p

222 598

2 895 244

2 732 474

BANK SPARHAFEN ZÜRICH

p

Fraumünsterstrasse 21 8001 Zürich

p

www.bank-sparhafen.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

*merger Bank CA St.Gallen and Swissregiobank

31 290

487 370

456 676

**formerly Bank AEK


308 Bank Profiles Regional Banks

BANK THALWIL Gotthardstrasse 14 8800 Thalwil

BANK ZIMMERBERG

p

www.bankthalwil.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

Dorfplatz 1 8810 Horgen

p

www.skh.clientis.ch

58 205

Equity 2011:

1 044 102

Total Sheet 2011:

952 884

Total Sheet 2010:

729 287

Kochergasse 6 3011 Bern

www.bskd.ch

Total Sheet 2011:

Total Sheet 2010:

Total Sheet 2011:

Total Sheet 2010:

Equity 2011:

799 664

Total Sheet 2011:

768 053

Total Sheet 2010:

23 972

483 858

477 281

BURGERLICHE ERSPARNISKASSE BERN

p

www.dcbank.ch

42 832

p

Marktgasse 37 3001 Bern

p

Bahnhofstrasse 29 8157 Dielsdorf

p

Equity 2011:

699 893

BURGERGEMEINDE BERN DC BANK BERN

Hauptstrasse 115 3855 Brienz www.bbobank.ch

36 218

BEZIRKS-SPARKASSE DIELSDORF

Equity 2011:

BBO BANK BRIENZ OBERHASLI

www.burgerliche-ek-bern.ch

54 050

Equity 2011:

882 560

Total Sheet 2011:

793 139

Total Sheet 2010:

17 354

276 332

276 342

CAISSE D’EPARGNE DE COSSONAY

CAISSE D’EPARGNE DE NYON

CAISSE D’EPARGNE ET DE CRÉDIT MUTUEL DE CHERMIGNON

Rue du Temple 2 1304 Cossonay-Ville

Rue Saint-Jean 11 1260 Nyon

Rue de Pontet 9 3971 Chermignon

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

www.cedc.ch

www.cen.ch

19 785

Equity 2011:

347 738

Total Sheet 2011:

358 833

Total Sheet 2010:

p

www.cecm.ch

26 500

Equity 2011:

20 244

Total Sheet 2010:

77 954

Total Sheet 2011:

265 704

254 855

80 022

CAISSE D’EPARGNE RIVIERA

CAISSE D’EPARGNE D’AUBONNE

CLIENTIS BANK IM THAL

Avenue Paul-Ceresole 3 1800 Vevey

Rue de l’Hôtel-de-Ville 21 1170 Aubonne

Goldgasse 11 4710 Balsthal

p

www.ce-riviera.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

www.cea-net.ch

15 590

Equity 2011:

424 203

Total Sheet 2011:

404 392

Total Sheet 2010:

4 199

Hauptstrasse 10 5024 Küttigen

Dorfstrasse 162 5054 Kirchleerau

www.cke.clientis.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

22 232

446 270

417 948

www.bankleerau.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

Equity 2011:

Total Sheet 2011:

284 189

CLIENTIS BANK LEERAU

21 003

498 665

456 861

p

www.bankimthal.clientis.ch

291 764

CLIENTIS BANK KÜTTIGEN-ERLINSBACH

p

p

p

Total Sheet 2010:

11 790

240 078

233 293

CLIENTIS BANK OBERAARGAU

p

Stadthausstrasse 1 4950 Huttwil

p

www.bankoberaargau.clientis.ch Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

59 450

1 090 665

1 029 162

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.49


308 Bank Profiles Regional Banks

CLIENTIS BANK OBERUZWIL

CLIENTIS BANK THUR

Wiesentalstrasse 11 9242 Oberuzwil

Kapplerstrasse 21 9642 Ebnat-Kappel

p

www.oberuzwil.clientis.ch

66 +1 Regional banks

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

www.bankthur.clientis.ch

16 695

Equity 2011:

323 970

Total Sheet 2011:

299 045

Total Sheet 2010:

16 202

276 970

265 279

CLIENTIS BERNERLAND BANK

CLIENTIS BIENE BANK IM RHEINTAL

Gähwilerstrasse 7 9533 Kirchberg

Kirchgasse 2 3454 Sumiswald

Rorschacherstrasse 9 9450 Altstätten

p

www.cbt.clientis.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

CLIENTIS BANK TOGGENBURG

www.bernerlandbank.clientis.ch

45 830

Equity 2011:

697 076

Total Sheet 2011:

706 572

Total Sheet 2010:

p

www.bienebank.clientis.ch

88 265

Equity 2011:

1 353 879

Total Sheet 2011:

1 323 855

Total Sheet 2010:

32 240

753 432

739 628

CLIENTIS BS BANK SCHAFFHAUSEN

CLIENTIS CAISSE D’EPARGNE CEC

CLIENTIS EB ENTLEBUCHER BANK

Heerengarten 16 8215 Hallau

Grand-Rue 45 Case postale 2608 Courtelary

Hauptstrasse 32 6170 Schüpfheim

p

www.bsb.clientis.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

www.cec.clientis.ch

49 000

Equity 2011:

980 925

Total Sheet 2011:

950 644

Total Sheet 2010:

www.eb.clientis.ch

37 150

Equity 2011:

546 500

Total Sheet 2011:

535 199

Total Sheet 2010:

30 050

699 824

670 184

CLIENTIS SPAR- UND LEIHKASSE THAYNGEN

CLIENTIS SPARCASSA 1816

Bahnhofstrasse 14 8708 Männedorf

Bahnhofstrasse 32 8240 Thayngen

Zugerstrasse 18 8820 Wädenswil

p

CLIENTIS REGIOBANK MÄNNEDORF

www.rbm.clientis.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

www.thayngen.clientis.ch

18 105

Equity 2011:

292 438

Total Sheet 2011:

292 158

Total Sheet 2010:

Equity 2011:

24 036

Total Sheet 2011:

419 074

Total Sheet 2010:

401 518

85 200

1 213 686

1 188 191

CLIENTIS SPARKASSE SENSE

CLIENTIS ZÜRCHER REGIONALBANK

Baslerstrasse 1 4665 Oftringen

Mariahilfstrasse 4 1712 Tafers

Bahnhofstrasse 3 8620 Wetzikon

www.sko.clientis.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

.50

10 730

373 879

357 983

www.sks.clientis.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

15 570

328 626

319 980

p

www.spc.clientis.ch

CLIENTIS SPARKASSE OFTRINGEN

p

p

p

www.szo.clientis.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

127 880

2 803 351

2 645 642

p


www.equinix.com

Marco Dottarelli

Greater flexibility and reduced capital commitment for financial services providers

Managing Director Equinix Switzerland

S

witzerland has long been one of the world’s major financial marketplaces. Many significant financial services companies have elected to reap the benefits of the excellent reputation enjoyed by Swiss financial centres. This is largely down to extensive experience and a long tradition in the sector, but progresses in technology and an excellent IT infrastructure are also playing an ever greater role. The growing challenges faced by stock exchanges, banks and financial service providers are no longer limited to the financial side of things, but now stretch to the technological side too. In addition to ensuring security, reliability and speed requirements, factors such as increasing fragmentation of liquidity and regulations such as the EU’s Markets in Financial Instruments Directive mean that a presence at multiple trading venues and access to information from a range of different market data providers is becoming indispensable. Competition is also intense. The constantly accelerating pace of technological development is resulting in ever more rapid replacement cycles for IT solutions, which need to deliver maximum performance in areas such as processing, provisioning and data transfer. Added to this are alliances between exchanges, often leading to consolidation of IT infrastructure and uncertainty in terms of investment in networking technologies. This already complex environment is further complicated by internal requirements, such as the introduction of new business models, adaptation of existing models, the extension of market presence to new geographical areas, and market-oriented realisation and placement of new service products. The challenges faced by financial market players include ever shorter investment cycles coupled with new technologies, which are ever increasing in size. The resulting cost pressures can be problematic, particularly for small and medium trading organisations, which often operate on narrow profit margins. Meeting these diverse and ever more rapidly changing requirements using traditional infrastructure and connectivity models without losing sight of cost effectiveness is far from easy. The brute force solution of preventing innovation backlogs by constantly increasing IT budgets is rarely economically viable. Making more modest budget adjustments and placing greater emphasis on intelligent use of financial resources would appear to represent a more sensible approach. ALTERNATIVE ROUTES TO GREATER FLEXIBILITY Maintaining complete control over costs while coping with ever increasing data transfer volumes and optimising network connectivity with major global financial markets may mean considering new solutions. The aim is to keep a lid on costs, enhance flexibility and ultimately to generate competitive advantages. These new modalities must, however, offer the necessary degree of stability and operational reliability, without which it is impossible to guarantee that transactions can be processed. In this context, placement and operation of IT infrastructure is a key factor. Many financial service providers have come to realise that building and operating their own data centres is simply too costly, and have therefore elected to outsource this task and have their business-critical IT infrastructure hosted by external data centre operators. Colocation service providers are able to provide hosting and connectivity for customer servers in their data centres at precisely calculable costs. But outsourcing data centre services to a carrier neutral site offers further advantages. By placing their IT equipment in densely populated data centres with a large customer base,

financial traders are able to forge direct connections to large numbers of finance businesses, reducing path lengths and therefore connectivity costs, and expanding the useable service spectrum. They also gain direct access to a wide range of IT service providers, such as cloud, extranet companies and disaster recovery service providers. Consider it a busy marketplace full of potential partners and suppliers, all offering services which could help expand existing business activities or enable a rapid and flexible response to changing technical requirements. For financial market players who themselves offer a portfolio of services, a further consideration may be to provide services to the dense concentration of businesses within a carrier neutral data centre. Colocation centres act as horizontal and vertical marketplaces, at which billions of euros worth of deals for telecommunications, data and network services are exchanged. This generates a self-sustaining dynamic. The company renting the rack next to you becomes a potential client, able to directly access your services by means of a cross connect. SECURITY FIRST For companies which operate their own data centres, security is the responsibility of the user, who is both owner and operator. This independent model has a certain charm. When it comes to extending security tasks to an external location, however, the situation starts to look rather more intimidating. It doesn’t take long to realise that colocation also offers security benefits. Physical construction of premises restricts equipment options at some directly managed data centres, and this can adversely affect both availability and security. By contrast, by electing to employ the services of an external data centre operator, companies can be sure that key components such as the electrical supply (including UPS systems), early fire detection and extinguishing systems, air-conditioning, physical access control, and building and site surveillance (including clearly defined visitor rules) have been implemented to a high standard. EQUINIX, A POWERFUL PARTNER FOR THE FINANCIAL SECTOR As a global supplier of carrier neutral data centre services, Equinix naturally has a presence in the major Swiss markets, providing over 10,000 square metres of colocation space in two important markets. Equinix’s recognition of the Swiss financial market is demonstrated by its recent investments. Currently, Equinix’s fifth International Business Exchange™ (IBX®) data centre in Zurich, ZH5, is under construction. It will add approximately 6,670 square metres of customer floor and 2886 cabinet equivalents to Equinix’s data centre campus in Zurich. ZH5 is scheduled for completion in the second quarter of 2013 and will further reinforce the existing business ecosystem – which already consists of several key players and well-known businesses – making Equinix the go-to partner for organisations looking for direct connectivity to 80 different carriers as well as growth in the Swiss market and worldwide. Additionally, the existing GV2 data centre in Geneva has recently undergone major expansion, with useable floor space in the phase one development fully booked less than two years after opening. With more than 40 network providers, the GV2 data centre has one of the highest network densities in the whole of Francophone Switzerland. With their growing presence in two of the most important metropolitan areas and continuous investment in Switzerland, Equinix shows its commitment to the Swiss market and is on its way to building the biggest data centre ecosystem in the region. n


308 Bank Profiles Regional Banks

66 +1 Regional banks

CRÉDIT MUTUEL DE LA VALLÉE

ERSPARNISKASSE AFFOLTERN

ERSPARNISKASSE RÜEGGISBERG

Grand-Rue 22 1347 Le Sentier

Postfach 3416 Affoltern im Emmental

Dorfstrasse 19 3088 Rüeggisberg

www.cmvsa.ch

Equity 2011:

Total Sheet 2011:

p

www.ekaffoltern.ch

10 240

Equity 2011:

165 626

Total Sheet 2010:

p

Total Sheet 2011:

161 352

Total Sheet 2010:

www.ekr.ch

15 500

Equity 2011:

218 749

Total Sheet 2011:

214 745

Total Sheet 2010:

p

11 518

234 364

214 279

ERSPARNISKASSE SPEICHER

GRB GLARNER REGIONALBANK

Münsterplatz 34 8200 Schaffhausen

Hauptstrasse 21 9042 Speicher

Bahnhofstrasse 25 8762 Schwanden

p

www.ersparniskasse.ch

Equity 2011:

www.ersparniskassespeicher.ch

33 931

Total Sheet 2011:

Equity 2011:

681 645

Total Sheet 2010:

Total Sheet 2011:

603 652

Total Sheet 2010:

73 525

Bahnhofstrasse 2 5600 Lenzburg

Hauptstrasse 6 8477 Oberstammheim

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

289 600

Equity 2011:

Total Sheet 2011:

4 007 465

Total Sheet 2010:

NEUE AARGAUER BANK

Equity 2011:

Total Sheet 2010:

p

1 103 547

Equity 2011:

Total Sheet 2011:

19 937 559

Total Sheet 2010:

Rämistrasse 23 8001 Zürich Equity 2011:

14 225

Total Sheet 2011:

316 732

Total Sheet 2010:

p 77 893

665 715 611 966

SB SAANEN BANK

p

www.regiobank.ch

20 867 865

410 141

392 753

www.lienhardt.ch

326 780

Westbahnhofstrasse 11 4500 Solothurn

p

17 857

LIENHARDT & PARTNER PRIVATBANK ZÜRICH

REGIOBANK SOLOTHURN

www.nab.ch

Total Sheet 2011:

Total Sheet 2011:

Total Sheet 2010:

www.leihkasse-stammheim.ch

4 175 337

Bahnhofstrasse 49 5000 Aarau

Equity 2011:

73 084

LEIHKASSE STAMMHEIM

Bahnhofstrasse 3792 Saanen

p

www.saanenbank.ch

135 520

Equity 2011:

2 102 386

Total Sheet 2011:

1 976 271

Total Sheet 2010:

41 135

993 705

914 994

SPAR + LEIHKASSE GÜRBETAL

SPAR + LEIHKASSE MÜNSINGEN

SPAR- UND LEIHKASSE BUCHEGGBERG

Dorfstrasse 19 3127 Mühlethurnen

Dorfplatz 5 3110 Münsingen

Hauptstrasse 69 4584 Lüterswil

p

www.slguerbetal.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

23 610

320 422

314 531

www.slmuensingen.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

49 730

1 158 494

1 080 174

p

www.glarner-regionalbank.ch

5 650

HYPOTHEKARBANK LENZBURG

www.hbl.ch

.52

p

ERSPARNISKASSE SCHAFFHAUSEN

p

www.slbucheggberg.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

18 190

445 194

409 241

p


308 Bank Profiles Regional Banks

SPAR- UND LEIHKASSE LEUK UND UMGEBUNG

SPAR- UND LEIHKASSE RIGGISBERG

Dorfstrasse 13 3714 Frutigen

Rathausplatz 4 3953 Leuk

Grabenstrasse 7 3132  Riggisberg

p

www.slfrutigen.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

79 450

Equity 2011:

1 135 276

-

Dorfstrasse 34 6390 Engelberg

p

Dorfstrasse 3 3472 Wynigen

Total Sheet 2011:

Total Sheet 2010:

Total Sheet 2011:

21 448

SPARKASSE ENGELBERG

www.slwynigen.ch

Equity 2011:

21 519

Total Sheet 2010:

SPAR- UND LEIHKASSE WYNIGEN

Equity 2011:

www.slr.ch

2 097

Total Sheet 2011:

1 067 298

p

SPAR- UND LEIHKASSE FRUTIGEN

Total Sheet 2010:

Equity 2011:

198 707

Total Sheet 2011:

198 246

Total Sheet 2010:

27 400

416 945

407 478

SPARKASSE SCHWYZ Herrengasse 23 6430 Schwyz

p

www.sparkasse-engelberg.ch

12 250

p

www.skschwyz.ch

11 440

Equity 2011:

200 833

Total Sheet 2011:

178 828

Total Sheet 2010:

86 422

1 493 427

1 382 794

SPARKASSE WIESENDANGEN

TRIBA PARTNER BANK

Speicherstrasse 10 9043 Trogen

Schulstrasse 21 8542 Wiesendangen

Kantonsstrasse 60 6234 Triengen

p

SPARKASSE TROGEN

www.sparkasse-trogen.ch

Equity 2011:

Equity 2011:

18 367

Total Sheet 2010:

Total Sheet 2011:

18 844

Total Sheet 2010:

VADIAN BANK Webergasse 8 9001 St. Gallen Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

24 800

403 151

367 179

www.triba.ch

10 260

Equity 2011:

174 220

Total Sheet 2011:

166 972

Total Sheet 2010:

VALIANT BANK

p

www.vadianbank.ch

p

www.sparkasse-wiesendangen.ch

2 312

Total Sheet 2011:

Bundesplatz 4 3011 Bern Equity 2011:

Total Sheet 2010:

p

63 400

890 271

872 571

ZÜRCHER LANDBANK Lindenplatz 3 8353 Elgg

p

www.valiantbank.ch

Total Sheet 2011:

p

p

www.zuercherlandbank.ch

1 562 213

Equity 2011:

25 080 739

Total Sheet 2011:

21 813 469

Total Sheet 2010:

25 035

590 495

548 316

RAIFFEISEN SCHWEIZ* Raiffeisenplatz 4 9001 St. Gallen

p

www.raiffeisen.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

9 843 896

155 888 603

147 239 029

*Raiffeisen Group + 328 RAiffeisen Banks

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.53


308 Bank Profiles Swiss Commercial Banks

57 Swiss commercial banks s AKB PRIVATBANK ZÜRICH

p

www.akbprivatbank.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

www.abs.ch

57 470

Equity 2011:

374 539

Total Sheet 2011:

371 805

Total Sheet 2010:

ARVEST PRIVATBANK Churerstrasse 82 8808 Pfäffikon www.arvest.ch

Equity 2011:

20 500

Total Sheet 2010:

42 853

Total Sheet 2011:

p

Via Bossi 1 6900 Lugano www.axionbank.ch

Equity 2011:

49 788

Total Sheet 2011:

Total Sheet 2010:

48 406

235 966

322 099

Piazza Manzoni 8 6900 Lugano

Via Pretorio 13 6900 Lugano

p

www.ceresiobank.com

24 263

Equity 2011:

193 854

Total Sheet 2011:

263 693

Total Sheet 2010:

BANCA PRIVATA EDMOND DE ROTHSCHILD LUGANO Via Ginevra 2 6900 Lugano www.privata.ch

Equity 2011:

108 200

Total Sheet 2010:

533 781

Total Sheet 2011:

621 320

p 27 720

451 524

425 542

BANK AM BELLEVUE

p

Seestrasse 16 8700 Küsnacht

p

Total Sheet 2010:

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

1 124 060

1 013 931

BANCA DEL CERESIO

Equity 2011:

.54

54 152

BANCA ARNER

Total Sheet 2011:

p

AXION SWISS BANK

www.arnerbank.ch

195 Commercial and asset management banks

Amthausquai 21 4601 Olten

p

Bleicherweg 18 8002 Zürich

ALTERNATIVE BANK SCHWEIZ

www.bellevue.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

37 500

283 285

329 976


Customer relationship: a profitable investment In a rapidly changing environment, private banks are investing in customer relationship to adapt their organisation and prepare for the future. But what are the obstacles ahead and the benefits to expect? Here is a brief overview.

H

as banking secrecy, and with it the Swiss model of wealth management, come to an end? While this question is certainly not easily answered, professionals in the field, who are already seeing an increase in regulatory costs and an erosion of profitability, are looking for solutions. One of the approaches being explored by most people we talk to involves investing in a safe bet: customer relationship. In this context, numerous CRM initiatives have emerged, aiming at helping organisations adapt to new legal constraints and providing better support for key customer relationship processes. The first phase of these projects is often to review the status quo and to rationalise existing systems, before considering more ambitious programmes. In this respect, it is interesting to note that most private banks face the same problems, and among these are: • The coexistence of multiple applications for addressing different customer segments. Deployed in silos, these applications do not generally allow transverse analyses which could provide a basis for creating profitable synergies; • The profusion of customer databases associated with these applications usually complicates synchronous updates, creates useless duplicates and ultimately deteriorates the customer data quality; • The under-utilisation of CRM solutions, which, despite their extensive functional scope, are too often confined to the role of an address book or a contact history (emails, visits). Of course, the reasons for these problems are often complex – security, resistance to change, etc. – but the current changes provide a unique opportunity to overcome these obstacles and to exploit CRM tools to their fullest extent. So, what business benefits can private banks expect to achieve by investing in customer relationship management? Consider three examples: • Mobile applications are often designed to boost bank image among technophile customers. If these mobile applications were integrated to the CRM, the system could analyse customer’s browsing behaviour in real time and send alerts to wealth managers. They could then contact the client in a proactive way and make relevant investment proposals in a favourable context;

Romain Raynal CRM Consultant ELCA Informatique

romain.raynal@elca.ch

• The job of wealth managers is changing and becoming more complex. This situation requires them to increasingly collaborate with a network of experts (lawyers, tax specialists; etc.), in order to deliver accurate answers to their clients. Whether at the prospect stage or in the course of a business relationship, the CRM solution could very well improve the collaborative process and ease the conversation around client cases. This would reduce response times and increase customer satisfaction; • Recent CRM applications have the advantage of helping wealth managers personalise the customer relationship, while facilitating processes automation. The client on boarding process is a good example. It is the opportunity to make a good impression but also an increasingly complex legal procedure. The role of CRM is then to create enough flexibility (usability, collaboration) within a sufficiently rigid framework (document workflow, validation cycle, etc.) to make the customer experience as personal as possible while reducing related administrative costs. Without under-estimating the magnitude of such changes and their complexity, a CRM programme can be profitable if it is implemented according to the following approach: 1. Define a CRM vision for the short and medium term; 2. Imagine how the customer experience should evolve; 3. Analyse the impact on processes and internal collaboration; 4. Consolidate customer databases while ensuring maximum security; 5. Choose the right solution and technical architecture. ELCA can provide assistance in the implementation of this approach. Our experienced CRM consultants are familiar with wealth management and can help your company define a vision, integrate a proprietary solution, develop custom tools or manage your applications.


308 Bank Profiles Swiss Commercial Banks

Total Sheet 2010:

92 145

Total Sheet 2011:

Total Sheet 2010:

BANK VONTOBEL

Equity 2011:

Total Sheet 2011:

9 119 937

Total Sheet 2010:

p

p

Equity 2011:

Total Sheet 2011:

288 621

Total Sheet 2010:

Total Sheet 2010:

31 100 66 685

p

www.hottinger.com

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

21 476

319 276

282 842

34 249

465 795

446 644

Avenue de Miremont 22 1206 Genève

p

www.banquecramer.ch

Equity 2011:

Total Sheet 2011:

274 552

Schützengasse 30 8001 Zürich

p

p

BANQUE CRAMER & CIE

30 350

Rue Rodolphe-Toepffer 15 1206 Genève

105 545

Total Sheet 2010:

455 819

BANQUE HOTTINGER & CIE

Equity 2011:

Total Sheet 2011:

3 350 653

BANQUE GENEVOISE DE GESTION

Total Sheet 2011:

.56

35 907

Rue du Rhône 112 1204 Genève Equity 2011:

20 502

www.bonhote.ch

272 244

192 419

199 164

www.bbbsa.ch

3 661 821

rue du Bassin 16 2000 Neuchâtel

www.bgg.ch

Total Sheet 2011:

Total Sheet 2010:

36 000

BANQUE BARING BROTHERS STURDZA

Avenue de Châtelaine 5 1203 Genève

Total Sheet 2010:

www.bankvonroll.ch

51 630 013

BANQUE BONHÔTE & CIE

www.bbh360.ch

326 964

286 730

Bleicherweg 37 8002 Zürich Equity 2011:

44 504 274

BANQUE BÉNÉDICT HENTSCH & CIE

Equity 2011:

p

www.bank-now.ch

452 592

21 200

BANK VON ROLL

3 334 558

Neugasse 18 8810 Horgen

p

10 810 511

Total Sheet 2011:

Total Sheet 2011:

Total Sheet 2010:

BANK-NOW

www.vontobel.com

Total Sheet 2010:

14 823 306

www.juliusbaer.ch

Equity 2011:

152 202

Gotthardstrasse 43 8002 Zürich

Equity 2011:

14 283 046

Bahnhofstrasse 36 8001 Zürich

www.bankgutenberg.ch

250 907

www.bank-frey.com

724 959

BANK JULIUS BÄR & CO

p

p

p

Total Sheet 2011:

Total Sheet 2010:

Equity 2011:

Equity 2011:

Bahnhofstrasse 82 a 8001 Zürich

www.bankcoop.ch

Gutenbergstrasse 10 8002 Zürich

Total Sheet 2011:

Aeschenplatz 3 4052 Basel Equity 2011:

BANK GUTENBERG

Total Sheet 2011:

BANK FREY & CO

p

195 Commercial and asset management banks

BANK COOP

Total Sheet 2010:

55 363

252 789

218 021

BANQUE MORVAL

p

rue Charles-Galland 18 1206 Genève www.morval.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

78 171

442 688

316 886

p


308 Bank Profiles Swiss Commercial Banks

195 Commercial and asset management banks BANQUE PÂRIS BERTRAND STURDZA Rue De-Candolle 19 1205 Genève

BANQUE PRIVÉE EDMOND DE ROTHSCHILD Rue de Hesse 18 1204 Genève

p

/www.bkpbs.com

Equity 2011:

20 000

Total Sheet 2010:

50 536

Total Sheet 2011:

Total Sheet 2011:

Total Sheet 2010:

BZ BANK AKTIENGESELLSCHAFT

p

Total Sheet 2011:

Total Sheet 2010:

275 946

Total Sheet 2011:

Total Sheet 2010:

DREYFUS SÖHNE & CIE

Equity 2011:

Total Sheet 2010:

425 200

Equity 2011:

Total Sheet 2010:

Total Sheet 2010:

Equity 2011:

Total Sheet 2011:

1 926 917

Total Sheet 2010:

MAERKI BAUMANN & CO

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

.58

30 450

724 503

677 051

Total Sheet 2010:

981 909

p

507 000

4 012 199

3 717 370

www.globalance-bank.com

10 779

226 338

204 616

p

-

Dreikönigstrasse 8 8002 Zürich Equity 2011:

15 588

Total Sheet 2011:

Total Sheet 2010:

402 965

p

30 235

234 450

185 341

MIGROS BANK

www.medibank.ch

Equity 2011:

34 000

Total Sheet 2010:

71 379

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

Total Sheet 2010:

25 196

www.incorebank.ch

550 967

Bahnhofstrasse 10 6300 Zug

Total Sheet 2011:

28 228

INCORE BANK

MEDIBANK

p

Equity 2011:

Total Sheet 2011:

www.hyposwiss.ch

110 500

www.mbczh.ch

Total Sheet 2011:

1 007 104

Rue des Alpes 7 1201 Genève

p

2 064 183

Dreikönigstrasse 6 8002 Zürich

www.cornercard.ch

HYPOSWISS PRIVATE BANK GENÈVE

www.hyposwiss.ch

Equity 2011:

p

Gartenstrasse 16 8002 Zürich

HYPOSWISS PRIVATBANK

Total Sheet 2011:

Via Canova 16 6900 Lugano

Gerbergasse 30 4051 Basel

Total Sheet 2011:

2 821 981

1 504 979

1 173 332

CORNÈR BANCA

Equity 2011:

36 604

www.gemeinschaftsbank.ch

3 186 065

Stauffacherstrasse 41 8004 Zürich

Total Sheet 2010:

GLOBALANCE BANK

p

p

93 440

FREIE GEMEINSCHAFTSBANK

www.dreyfusbank.ch

Total Sheet 2011:

Total Sheet 2011:

7 443 327

5 878 105

Boulevard Emile-Jaques-Dalcroze 7 p 1211 Genève Equity 2011:

290 931

Aeschenvorstadt 16 4051 Basel

Equity 2011:

www.cbhbank.com

27 500

Rue du Rhône 30 1204 Genève www.syzgroup.com

629 385

CBH - COMPAGNIE BANCAIRE HELVÉTIQUE

www.bzbank.ch

Equity 2011:

p

www.lcf-rothschild.ch

Equity 2011:

60 700

Egglirain 15 8832 Wilen

BANQUE SYZ & CO

72 067

p

Seidengasse 12 8001 Zürich www.migrosbank.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

1 423 000

35 846 575

33 714 043

p


308 Bank Profiles Swiss Commercial Banks

NEUE HELVETISCHE BANK

NOTENSTEIN PRIVATBANK

NPB NEUE PRIVAT BANK

Seefeldstrasse 215 8008 Zürich

Bohl 17 9004 St. Gallen

Limmatquai 1 8022 Zürich

Total Sheet 2011:

Total Sheet 2010:

p

Equity 2011:

www.nettobank.ch

30 400

254 893

Equity 2011:

20 000

Total Sheet 2010:

18 098

Total Sheet 2011:

-

PIGUET, GALLAND & CIE*

Löwenstrasse 56 8001 Zürich

Rue de la Plaine 14 1400 Yverdon-les-Bains

p

www.phzbank.com

Equity 2011:

19 500

Total Sheet 2010:

57 898

Total Sheet 2011:

www.npb-bank.ch

Equity 2011:

15 906

PHZ PRIVAT- UND HANDELSBANK ZÜRICH

Total Sheet 2011:

61 689

Total Sheet 2010:

23 878

Total Sheet 2011:

181 225

Total Sheet 2010:

205 180

PRIVATBANK BELLERIVE

p

www.banque-piguet.ch

Equity 2011:

p

www.neuehelvetischebank.ch

Mittelstrasse 6 8008 Zürich

p

www.pbbellerive.com

185 602

Equity 2011:

1 386 968

23 666

Total Sheet 2011:

818 743

427 693

Total Sheet 2010:

410 035

PRIVATBANK IHAG ZÜRICH

PRIVATBANK VON GRAFFENRIED

PRIVATE CLIENT BANK

Bleicherweg 18 8002 Zürich

Marktgass-Passage 3 3000 Bern

Utoquai 55 8008 Zürich

p

www.pbihag.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

www.graffenried.com

139 218

Equity 2011:

1 417 994

Total Sheet 2011:

1 616 477

Total Sheet 2010:

18 900

Rue du Rhône 62 1204 Genève

p

Limmatquai 26 8001 Zürich www.privateclientpartners.ch Equity 2011:

Total Sheet 2010:

www.reyl.ch

11 182

Equity 2011:

30 368

Total Sheet 2011:

30 511

Total Sheet 2010:

Equity 2011:

24 840

Total Sheet 2010:

75 531

Total Sheet 2011:

156 932

REYL & CIE

p

www.privateclientbank.ch

182 034

PRIVATE CLIENT PARTNERS

Total Sheet 2011:

p

78 790

SCOBAG PRIVATBANK

p

Gartenstrasse 56 4052 Basel www.scobag.ch

11 085

Equity 2011:

263 541

Total Sheet 2011:

144 189

Total Sheet 2010:

16 500

1 102 806 491 188

SOCIETÀ BANCARIA TICINESE

SWISS BANKERS PREPAID SERVICES

SWISSQUOTE BANK

Piazza Collegiata 6500 Bellinzona

Kramgasse 4 3506 Grosshöchstetten

Chemin de la Crétaux 33 1196 Gland

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

15 200

144 751

146 603

p

www.bancaria.ch

www.swissbankers.ch

Equity 2011:

45 616

Total Sheet 2010:

492 825

Total Sheet 2011:

*formerly Banque Piguet & Cie

510 740

p

p

p

www.swissquote.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

71 023

2 562 431

2 286 283

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.59


308 Bank Profiles Swiss Commercial Banks

195 Commercial and asset management banks TRAFINA PRIVATBANK

VALARTIS BANK

Rue du Rhône 96-98 1211 Genève

Sihlstrasse 24 8001 Zürich

p

www.trafina.ch

www.ubp.com

18 957

Equity 2011:

98 277

Total Sheet 2011:

86 027

Total Sheet 2010:

VZ DEPOTBANK Equity 2011:

Total Sheet 2011: Beethovenstrasse 20 Total Sheet 2010: 8002 Zürich

Total Sheet 2011:

www.valartis.ch

1 311 436

Equity 2011:

17 768 715

Total Sheet 2011:

17 901 955

Auberg 1 4054 Basel

p

www.wir.ch

33 417

Equity 2011:

982 504

Total Sheet 2010:

p

Total Sheet 2010:

132 020

1 392 539

1 194 477

WIR BANK

www.vzdepotbank.ch

Equity 2011:

p

Rennweg 50 4052 Basel

UNION BANCAIRE PRIVÉE, UBP

Total Sheet 2011:

776 697

Total Sheet 2010:

p 254 736

3 886 147

3 799 489

AP ANLAGE & PRIVATBANK

s

104 Foreign-controlled banks ARAB BANK (SWITZERLAND)

BANCA ALETTI & C. (SUISSE)

Bahnhofstrasse 46 8001 Genève

Via Magatti 6 6900 Lugano

p

/www.arabbank.ch

Total Sheet 2010:

406 786

Equity 2011:

Total Sheet 2011:

2 278 568

Total Sheet 2010:

BANCA DEL SEMPIONE Via Peri 5 6900 Lugano Equity 2011:

Total Sheet 2010:

.60

86 500

601 870

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

20 380

143 670

130 381

Via Canova 1 6900 Lugano

p

www.credinvest.ch

15 661

Equity 2011:

108 946

Total Sheet 2011:

89 358

Total Sheet 2010:

30 000

164 067 88 078

BANCA POPOLARE DI SONDRIO (SUISSE)

Via Motta/Contrada Sassello 6900 Lugano

Via Luvini 2 a 6900 Lugano

p

624 686

www.apbank.ch

BANCA INTERMOBILIARE DI INVESTIMENTI E GESTIONI (SUISSE)

www.bancadelsempione.ch

Total Sheet 2011:

p

www.alettibank.it

2 454 942

p

BANCA CREDINVEST

www.bimsuisse.com

Equity 2011:

35 380

Total Sheet 2010:

111 023

Total Sheet 2011:

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

99 520

p

Equity 2011:

Total Sheet 2011:

Limmatquai 4 8001 Zürich

www.bps-suisse.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

215 570

3 744 770

3 413 608

p


308 Bank Profiles Foreign Commercial Banks

BANCA ZARATTINI & CO Via Pretorio 1 6900 Lugano

p

www.zarattini.ch

Equity 2011:

24 308

Total Sheet 2011:

107 777

Total Sheet 2010:

97 461

BANCO ITAÚ (SUISSE) Bleicherweg 30 8002 Zürich

p

www.itauprivatebank.com

Equity 2011:

100 000

Total Sheet 2010:

43 810

Total Sheet 2011:

152 276

BANCO SANTANDER (SUISSE) Rue Ami-Lévrier 5-7 1201 Genève

p

www.pb-santander.com

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

91 000

1 895 354

1 781 381

CREDOC, a Trade Finance software:

BANK CIC (SCHWEIZ) Marktplatz 13 4001 Basel www.cic.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

TRAC, a Trade Collateral Management system for Trade Commodity Finance and Structured Trade Finance:

172 750

4 347 037

3 807 379

BANK HAPOALIM (SCHWEIZ) Stockerstrasse 33 8002 Zürich

• complete Trade Finance and Documentary business tool, • available on several platforms, • open and flexible architecture, • easy integration in every type of organization • handling traditional trade instruments including L/C’s,guarantees, collections…

p

• Trade Customer Portfolio Management system • Multi-commodity application (Oil, metals, soft, etc…) • Multiple purchases and sales per transaction • Collateral follow-up and Risk management related to the lifecycle of a transaction • Integration with any core banking systems • Integration with CREDOC or any other Trade Finance software MIT (MICRO INFORMATIQUE & TECHNOLOGIES SA) Rue de l’Industrie 58 • 1030 Bussigny - Switzerland Tel : +41 (21) 318 81 81 • Fax : + 41 (21) 318 81 99 E-mail : sales@mitsa.ch - URL : www.mitsa.ch

www.bhibank.com

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

371 240

3 174 135

2 890 824

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.61


308 Bank Profiles Foreign Commercial Banks

p

www.banklinth.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

5 099 347

Total Sheet 2011:

4 882 059

Total Sheet 2010:

p

www.sarasin.ch

Total Sheet 2011:

Total Sheet 2010:

www.oppenheim.ch

176 300

Equity 2011:

1 210 297

Total Sheet 2011:

1 239 896

Total Sheet 2010:

13 214 410

1 157 812

1 284 365

BANKHAUS JUNGHOLZ

Bändliweg 20 8048 Zürich

Poststrasse 6 9000 St. Gallen

Equity 2011:

Total Sheet 2011:

12 578 414

108 238

BANK ZWEIPLUS

www.bankzweiplus.ch

651 727

Total Sheet 2010:

p

www.bankhaus-jungholz.com

41 800

747 413

Equity 2011:

14 217

Total Sheet 2010:

69 996

Total Sheet 2011:

749 036

70 370

BANKMED (SUISSE)

BANQUE ALGÉRIENNE DU COMMERCE EXTÉRIEUR

BANQUE AUDI (SUISSE)

rue du Mont-Blanc 3 1201 Genève

Talacker 41 8001 Zürich

Cours des Bastions 18 1205 Genève

p

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

www.bankmed.ch

www.bace.ch

33 025

Equity 2011:

130 100

Total Sheet 2010:

432 576

Total Sheet 2011:

307 015

313 316

Equity 2011:

388 342

Total Sheet 2011:

Total Sheet 2010:

57 600

1 089 455 945 812

BANQUE DE DÉPÔTS ET DE GESTION

BANQUE DU BOIS

Rue de la Fontaine 1 1204 Genève

Avenue du Théâtre 14 1005  Lausanne

Bahnhofstrasse 86 8001 Zürich

p

Total Sheet 2010:

Equity 2011:

150 017

Total Sheet 2011:

2 300 266

Total Sheet 2010:

2 550 303

p

Equity 2011:

Total Sheet 2011:

www.bdg.ch

91 998

Equity 2011:

541 815

Total Sheet 2011:

650 505

Total Sheet 2010:

11 848

87 692

84 621

BANQUE J. SAFRA (SUISSE)

Route de Chêne 61 1207 Genève

Beethovenstrasse 48 8002 Zürich

rue du Rhône 70 1204 Genève

Equity 2011:

Total Sheet 2010:

16 700

498 046

499 096

p

p

BANQUE INTERNATIONALE À LUXEMBOURG (SUISSE)*

Total Sheet 2011:

www.bil.com

Equity 2011:

133 235

Total Sheet 2010:

379 592

Total Sheet 2011:

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

369 045

p

www.banquedubois.com

BANQUE HERITAGE

www.banque-heritage.com

p

www.bankaudi.ch

BANQUE DE COMMERCE ET DE PLACEMENTS

www.bcp-bank.com

.62

Uraniastrasse 28 8001 Zürich

Equity 2011:

BANK SARASIN & CIE

Equity 2011:

Bahnhofstrasse 92 8001 Zürich www.morganstanley.com

321 159

Elisabethenstrasse 62 4051 Basel

BANK SAL. OPPENHEIM JR. & CIE (SCHWEIZ)

p

Zürcherstrasse 3 8730 Uznach

BANK MORGAN STANLEY

p

BANK LINTH LLB

p

195 Commercial and asset management banks

www.bankjacobsafra.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

*formerly Dexia Privatbank

308 728

2 873 690

2 699 072

p


308 Bank Profiles Foreign Commercial Banks

BANQUE PASCHE

BANQUE PRIVÉE BCP (SUISSE)

BANQUE PRIVÉE ESPÍRITO SANTO

Rue de Hollande 10 1204 Genève

Place du Molard 4 1204 Genève

Avenue Général-Guisan 70 A 1009 Pully

Total Sheet 2010:

841 399

Total Sheet 2011:

www.bcpsuisse.ch

Equity 2011:

784 027

Total Sheet 2011:

Total Sheet 2010:

702 693

BANQUE THALER

Cours de Rive 11 1204 Genève

Rue Pierre-Fatio 3 1204 Genève

www.sbp-banque.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

Equity 2011:

220 660

Total Sheet 2011:

212 357

Total Sheet 2010:

BARCLAYS BANK (SUISSE)

Equity 2011:

Total Sheet 2010:

125 261

www.bhf-bank.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

47 130

Total Sheet 2011:

Total Sheet 2010:

2 111 511

18 659 769

15 656 327

p

521 541

Equity 2011:

1 787 171

Total Sheet 2011:

1 770 305

Total Sheet 2010:

34 700

438 653

366 168

BNP PARIBAS (SUISSE)

Rue de la Rôtisserie 1 1204 Genève

place de Hollande 2 1204 Genève

Total Sheet 2010:

p

196 653

194 814

www.berenbergbank.ch

www.bnpparibas.ch

59 000

Equity 2011:

542 597

Total Sheet 2011:

602 624

Total Sheet 2010:

CENTRUM BANK (SCHWEIZ)

www.ch.bsibank.com

Total Sheet 2010:

285 708

257 545

42 861

BLOM BANK (SWITZERLAND)

Equity 2011:

203 591

Via Magatti 2 6900 Lugano Equity 2011:

Equity 2011:

Kreuzstrasse 5 8008 Zürich

Total Sheet 2011:

BSI

Total Sheet 2011:

www.bantleonbank.com

30 500

www.banorient.ch

230 368

p

Selnaustrasse 32 / 3 8001 Zürich

Total Sheet 2010:

p

Bahnhofstrasse 2 6300 Zug

BERENBERG BANK (SCHWEIZ)

Equity 2011:

BHF-BANK (SCHWEIZ)

574 609

569 931

BBVA (SUIZA)

Total Sheet 2011:

2 583 597

Schulhausstrasse 6 8002 Zürich

p

www.bbva.ch

3 415 884

62 095

BANTLEON BANK

p

p

www.barclayswealth.com

Total Sheet 2011:

Total Sheet 2011:

Total Sheet 2010:

www.banquethaler.ch

69 169

Chemin de Grange-Canal 18-20 1224 Chêne-Bougeries

Equity 2011:

964 168

BANQUE PROFIL DE GESTION

p

www.espiritosanto.com

71 200

p

149 159

Bellerivestrasse 42 8008 Zürich www.centrumbank.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

60 000

369 774

233 426

p

p

Equity 2011:

p

www.cmcic-banquepasche.com

p

1 474 460

32 297 028

42 418 735

CIM BANQUE

p

Rue Merle-d’Aubigné 16 1207 Genève

p

www.cimbanque.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

36 712

388 622

232 065

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.63


308 Bank Profiles Foreign Commercial Banks

Hardstrasse 201 8005 Zürich

p

www.citibank.com

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

COUTTS & CO LTD*

CRÉDIT AGRICOLE (SUISSE)

Stauffacherstrasse 1 8004 Zürich

Quai du Général-Guisan 4 1204 Genève

p

CITIBANK (SWITZERLAND)

www.cbve.com

147 836

Equity 2011:

1 823 408

Total Sheet 2011:

1 249 086

Total Sheet 2010:

www.ca-suisse.com

263 115

Equity 2011:

13 852 389

Total Sheet 2011:

13 924 035

Total Sheet 2010:

1 069 576

22 698 701

27 066 534

CRÉDIT AGRICOLE FINANCEMENTS (SUISSE)

CREDIT EUROPE BANK (SUISSE)

DEGROOF BANQUE PRIVÉE

Rue du Rhône 67 1204 Genève

rue du Mont-Blanc 12 1201 Genève

quai de l’Ile 5 1204 Genève

www.ca-financements.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

www.crediteurope.ch

Equity 2011:

196 752

Total Sheet 2011:

5 052 408

Total Sheet 2010:

4 653 375

DEKA(SWISS) PRIVATBANK Thurgauerstrasse 54 8050 Zürich www.deka.ch

Equity 2011:

44 240

Total Sheet 2010:

73 944

Total Sheet 2011:

Total Sheet 2010:

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

Total Sheet 2011:

Total Sheet 2010:

22 151

Equity 2011:

Total Sheet 2011:

95 713

Total Sheet 2010:

508 400

Equity 2011:

21 053

Total Sheet 2010:

49 593

Total Sheet 2011:

8 384 886

68 084

EFG BANK EUROPEAN FINANCIAL GROUP quai du Seujet 24 1201 Genève

p

190 200

1 407 462

Equity 2011:

406 090

Total Sheet 2010:

710 749

Total Sheet 2011:

1 188 661

723 463

F. VAN LANSCHOT BANKIERS (SCHWEIZ)

FAISAL PRIVATE BANK (SWITZERLAND)

Bahnhofstrasse 12 8001 Zürich

Mittelstrasse 10 8008 Zürich

quai du Mont-Blanc 3 1201 Genève

p

Equity 2011:

Total Sheet 2010:

477 450

15 752 819

15 974 691

p

www.vanlanschot.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

22 136

174 276

143 470

p

www.efggroup.com

EFG INTERNATIONAL

Total Sheet 2011:

p

www.dominickco.ch

www.dz-privatbank.ch

100 226

133 419

167 898

Mittelstrasse 14 8008 Zürich

p

8 833 668

Münsterhof 12 8001 Zürich

p

32 559

DOMINICK COMPANY

DZ PRIVATBANK (SCHWEIZ)

www.efginternational.com

.64

793 530

www.db.com/switzerland

www.dukascopy.com

Equity 2011:

Equity 2011:

749 671

place des Bergues 3 1201 Genève

p

DUKASKOPY BANK

Total Sheet 2011:

www.degroof.ch

40 953

DEUTSCHE BANK (SUISSE)

81 600

Route de Pré-Bois 20 1217 Meyrin

p

p

p

p

195 Commercial and asset management banks

www.faisalprivatebank.com Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

*formerly RBS Coutts Bank

24 100

108 669

105 367

p


308 Bank Profiles Foreign Commercial Banks

Pelikanstrasse 37 8001 Zürich

p

www.aigprivatebank.com

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

FIBI BANK (SCHWEIZ)

FINTER BANK ZÜRICH

Seestrasse 61 8002 Zürich

Claridenstrasse 35 8002 Zürich

www.fibi.ch

249 926

Equity 2011:

2 035 234

Total Sheet 2011:

1 764 923

Total Sheet 2010:

p

FALCON PRIVATE BANK

www.finter.ch

49 250

Equity 2011:

365 087

Total Sheet 2011:

395 483

85 850

717 993

Total Sheet 2010:

680 963

GAZPROMBANK (SCHWEIZ)

GE MONEY BANK

Börsenstrasse 16 8001 Zürich

Zollikerstrasse 183 8008 Zürich

Bändliweg 20 8048 Zürich

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

119 540

GOLDMAN SACHS BANK Münsterhof 4 8001 Zürich www.gs.com

308 528

Total Sheet 2010:

600 484

168 284

Total Sheet 2010:

2 331 772

804 530

Weinbergstrasse 59 8006 Zürich

Total Sheet 2011:

Total Sheet 2010:

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

835 000

4 408 068

4 368 044

HINDUJA BANQUE (SUISSE)

p

www.habibbank.com

617 416

p

www.gemoneybank.ch

Equity 2011:

HABIB BANK ZÜRICH

p

Equity 2011:

Total Sheet 2011:

www.gazprombank.ch

Equity 2011:

Total Sheet 2011:

1 669 380

1 663 941

p

p

FRANKFURTER BANKGESELLSCHAFT (SCHWEIZ)

www.frankfurter-bankgesellschaft.ch

p

Place de la Fusterie 3 bis 1204 Genève

p

www.hindujabank.com

405 967

Equity 2011:

4 955 484

Total Sheet 2011:

4 944 692

Total Sheet 2010:

118 546

1 077 367 975 745

HSBC PRIVATE BANK (SUISSE)

IDB (SWISS) BANK LTD

INTESA SANPAOLO PRIVATE BANK (SUISSE)

Quai du Général-Guisan 2 1204 Genève

Rue du Rhône 100 1204 Genève

Via Frasca 5 6900 Lugano

Total Sheet 2010:

www.discountbank.net

2 315 546

Equity 2011:

66 306 395

Total Sheet 2011:

63 598 418

Total Sheet 2010:

47 093

347 294

J.P. MORGAN (SUISSE)

Löwenstrasse 29 8001 Zürich

Rue de la Confédération 8 1204 Genève

www.investec.com

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

86 566

426 570

234 356

Equity 2011:

Total Sheet 2010:

153 235

7 584 642

5 870 449

34 367

Total Sheet 2010:

128 932

91 245

JYSKE BANK (SCHWEIZ)

p

www.jpmorganassetmanagement.ch Total Sheet 2011:

Equity 2011:

Total Sheet 2011:

534 063

INVESTEC BANK (SWITZERLAND)

p

www.intesasanpaolo.com

Wasserwerkstrasse 12 8006 Zürich

p

Equity 2011:

Total Sheet 2011:

p

www.hsbcprivatebank.com

p

p

www.jyskebank.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

92 800

448 650

546 128

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.65


308 Bank Profiles Foreign Commercial Banks

KBL (SWITZERLAND) LTD boulevard Georges-Favon 7 1204 Genève

p

www.kblswissprivatebanking.com Equity 2011:

Total Sheet 2011:

478 758

Total Sheet 2011:

1 777 950

1 278 490

Parkring 12 8002 Zürich

www.llb.ch

4 733 813

Total Sheet 2011:

Total Sheet 2010:

Stampfenbachstrasse 114 8006 Zürich

Total Sheet 2011:

Total Sheet 2010:

p

p

www.warburg.ch

Equity 2011:

100 000

Total Sheet 2011:

1 740 469

Total Sheet 2010:

1 554 213

20 900

197 497

221 541

MERCANTIL BANK (SCHWEIZ)

MERRILL LYNCH BANK (SUISSE)

MERRILL LYNCH CAPITAL MARKETS

Talacker 42 8001 Zürich

route de Florissant 13 1206 Genève

Stockerstrasse 23 8002 Zürich

Total Sheet 2010:

www.mlbs.ch

45 774

Equity 2011:

189 804

Total Sheet 2011:

173 408

Total Sheet 2010:

www.ml.com

344 905

Equity 2011:

1 598 347

Total Sheet 2011:

1 467 878

Total Sheet 2010:

157 440

2 804 014

3 185 582

MIG BANQUE

MITSUBISHI UFJ WEALTH MANAGEMENT BANK (SCHWEIZ)

MIZUHO BANK (SCHWEIZ)

Avenue d’Ouchy 4-6 1006 Lausanne

rue du Rhône 67 1207 Genève

Löwenstrasse 32 8001 Zürich

p

www.migbank.com

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

p

www.sc.mufg.jp

51 917

Equity 2011:

218 738

Total Sheet 2011:

331 595

Total Sheet 2010:

www.mizuho.ch

65 631

142 314

Equity 2011:

143 621

Total Sheet 2010:

321 541

Total Sheet 2011:

126 248

292 598

NBAD PRIVATE BANK (SUISSE)

NBK BANQUE PRIVÉE (SUISSE)

NOMURA BANK (SCHWEIZ)

Quai de l’Ile 5 1204 Genève

quai du Mont-Blanc 21 1201 Genève

Kasernenstrasse 1 8004 Zürich

p

www.nbadsuisse.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

100 000

1 111 828 702 937

www.nbk.com

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

18 548

358 014

333 902

p

Equity 2011:

Total Sheet 2011:

p

p

p

www.mercantilsuiza.com

.68

103 869

138 619

113 474

M.M. WARBURG BANK (SCHWEIZ)

Equity 2011:

4 138 129

Equity 2011:

LIECHTENSTEINISCHE LANDESBANK (SCHWEIZ)

p

341 583

p

www.leumiprivatebank.com

3 597

Total Sheet 2011:

www.lgt.com

Total Sheet 2010:

Dianastrasse 5 8002 Zürich

Total Sheet 2010:

LGT BANK (SCHWEIZ)

Equity 2011:

Beethovenstrasse 11 8002 Zürich Equity 2011:

423 532

Lange Gasse 15 4002 Basel

LEUMI PRIVATE BANK

www.lbbwschweiz.ch

117 492

Total Sheet 2010:

LBBW (SCHWEIZ)

p

195 Commercial and asset management banks

p

www.nomura.com

Equity 2011:

305 362

Total Sheet 2010:

369 595

Total Sheet 2011:

664 326

p


308 Bank Profiles Foreign Commercial Banks

www.petercam.com

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

www.pkb.ch

20 379

Equity 2011:

Total Sheet 2011:

107 049 74 628

Total Sheet 2010:

ROTHSCHILD BANK Zollikerstrasse 181 8008 Zürich

p

www.rothschildbank.com

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

Via Serafino Balestra 1 6900 Lugano

p

1 613 962

2 889 366

200 000

Total Sheet 2010:

196 669

Total Sheet 2011:

1 506 131

225 827

SALLFORT PRIVATBANK

Rue François-Diday 6 1204 Genève

Bellerivestrasse 241 8008 Zürich

Total Sheet 2011:

2 868 842

Equity 2011:

ROYAL BANK OF CANADA (SUISSE)

Equity 2011:

Total Sheet 2010:

www.pppb.ch

57 195

833 425

Equity 2011:

20 000

Total Sheet 2010:

73 181

Total Sheet 2011:

866 186

66 693

SAXO BANK (SWITZERLAND)

SBERBANK

SCHRODER & CO BANK

Rietstrasse 41 8702 Zollikon

Freigutstrasse 16 8002 Zürich

Central 2 8001 Zürich

www.saxobank.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

www.slb-bank.ch

33 395

408 595

SELLA BANK

www.sella.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

Equity 2011:

100 000

Total Sheet 2010:

192 396

Total Sheet 2011:

398 411

Corso Elvezia 9 6900 Lugano

p

p

p

42 138

Equity 2011:

85 777

Total Sheet 2011:

Total Sheet 2010:

115 500

1 526 702

1 514 450

SOCIÉTÉ GÉNÉRALE PRIVATE BANKING (LUGANO-SVIZZERA)

SOCIÉTÉ GÉNÉRALE PRIVATE BANKING (SUISSE)

Viale Stefano Franscini 22 6900 Lugano

Rue de la Corraterie 6 1204 Genève

Equity 2011:

Total Sheet 2011:

204 085

p

www.schroders.ch

p

www.privatebanking.societegenerale.ch

260 247

p

www.qnb.com

264 000

www.royalbank.ch

310 930

Rue des Alpes 3 1201 Genève

Total Sheet 2010:

98 300

534 250

www.privatebanking.societegenerale.ch Equity 2011:

Total Sheet 2011:

518 060

p

p

QNB BANQUE PRIVÉE (SUISSE)

p

route de l’Aéroport 31 1218 Le Grand-Saconnex

PKB PRIVATBANK

p

PETERCAM PRIVATE BANK (SWITZERLAND)

Total Sheet 2010:

236 358

5 698 100

5 703 319

STANDARD CHARTERED BANK (SWITZERLAND)

UNITED BANK (ZÜRICH)

UNITED MIZRAHI BANK (SCHWEIZ)

Rue du Rhône 50 1204 Genève

Feldeggstrasse 55 8008 Zürich

Nüschelerstrasse 31 8001 Zürich

526 763

p

Total Sheet 2010:

57 507

465 813

Equity 2011:

20 800

Total Sheet 2010:

94 365

Total Sheet 2011:

55 841

p

Equity 2011:

Total Sheet 2011:

www.ubl.com.pk

p

www.standardchartered.com

www.mizrahi.co.il

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

21 820

149 775

194 504

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.69


308 Bank Profiles Foreign Commercial Banks

195 Commercial and asset management banks VOLKSBANK BODENSEE Hauptstrasse 111 9430 St. Margrethen

VP BANK (SCHWEIZ) Bahnhofstrasse 3 8001 Zürich

p

www.volksbank.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

20 140

187 819

182 778

p

www.vpbank.ch

Equity 2011:

Total Sheet 2011:

Total Sheet 2010:

43 750

1 029 043 844 960

29 Branches of foreign banks s

Selnaustrasse 16 8002 Zürich www.bnpparibas.com Rue du Mont-Blanc 14 1201 Genève www.caixagalicia.es

Total Sheet 2010: Total Sheet 2011:

Total Sheet 2010: Total Sheet 2011:

Total Sheet 2010: Total Sheet 2011:

Total Sheet 2010: Total Sheet 2011:

Bleicherweg 10 8002 Zürich www.citigroup.com

COMMERZBANK AKTIENGESELLSCHAFT, FRANKFURT AM MAIN

Utoquai 55 8008 Zürich www.commerzbank.com

DEUTSCHE BANK AKTIENGESELLSCHAFT, FRANKFURT AM MAIN

Hardstrasse 201 8005 Zürich www.db.com/schweiz

EXANE DERIVATIVES, PARIS

Rue du Rhône 80-82 1204 Genève www.exane.com

FMCC FINANCE, DER VOLVO AUTO BANK DEUTSCHLAND GMBH, KÖLN

Geerenstrasse 10 8304 Wallisellen www.fmcc.ch

HABIBSONS BANK LIMITED, LONDON

Beckenhofstrasse 1 8006 Zürich www.habibsons.ch

HSBC BANK PLC, LONDON

Bederstrasse 49 8002 Zürich www.hsbcprivatebank.com

Total Sheet 2010:

ING BELGIQUE, BRUXELLES

rue Jean-Petitot 6 1204 Genève www.ing.be

Total Sheet 2010:

ISBANK GMBH, FRANKFURT AM MAIN

Bodmerstrasse 14 8002 Zürich www.isbank.ch

Total Sheet 2010:

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

Total Sheet 2010: Total Sheet 2011:

Total Sheet 2010: Total Sheet 2011:

Total Sheet 2010: Total Sheet 2011:

Total Sheet 2010: Total Sheet 2011:

Total Sheet 2010: Total Sheet 2011:

Total Sheet 2010: Total Sheet 2011: Total Sheet 2011:

Total Sheet 2011:

p p

p

p

p p

722 840

359 464 352 387

2 897 145 20 229

617 118

403 220

331 215 432 346

1 654 512 677 476 94 886

120 943

3 663 024 1 957 549

7 388 16 811

1 076 698 1 051 810 49 085 24 973

p

823 668 1 000 6 252 889 6 959 744

p

CITIBANK, N.A., SIOUX FALLS

p

707 946

p

BNP PARIBAS SECURITIES SERVICES, PARIS

Total Sheet 2011:

p

BARCLAYS CAPITAL, SUCCURSALE DE BARCLAYS BANK PLC, LONDON

Beethovenstrasse 19 8002  Zürich www.barclays.com

Total Sheet 2010:

p

Place de Longemalle 1 1204 Genève www.bred.fr

Total Sheet 2011:

p

BANQUE INTERNATIONALE DE COMMERCE BRED, PARIS

CAIXA DE AFORROS DE GALICIA,VIGO, OURENSE E PONTEVEDRA, LA COROGNE

.70

Hauptstrasse 19 9422 Staad www.btv.at/ch

p

BANK FÜR TIROL UND VORARLBERG AKTIENGESELLSCHAFT, INNSBRUCK

13 284 13 675


308 Bank Profiles Foreign Commercial Banks

Total Sheet 2011:

J.P. MORGAN SECURITIES LTD, LONDON

Dreikönigstrasse 21 8002 Zürich www.jpmorgan.com

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, COLUMBUS

Dreikönigstrasse 21 8002 Zürich www.jpmorganchase.com

LLOYDS TSB BANK PLC, LONDRES

place Bel-Air 1 1204 Genève www.lloydsbankinggroup.com

NEWEDGE GROUP, PARIS

Talstrasse 70 8001  Zürich www.newedge.com

NORDEA BANK S.A., LUXEMBURG

Mainaustrasse 21-23 8008 Zürich www.nordea.ch

RBC DEXIA INVESTOR SERVICES BANK, ESCH-SUR-ALZETTE

Badenerstrasse 567 8048  Zürich www.rbcdexia-is.com

Total Sheet 2011: Total Sheet 2010:

SKANDINAVISKA ENSKILDA BANKEN, LUXEMBOURG

Rue Rodolphe-Toepffer 8 1206 Genève www.sebprivatebank.com

Total Sheet 2010:

SOCIÉTÉ GÉNÉRALE, PARIS

Talacker 50 8001 Zürich www.sgcib.com

Total Sheet 2010:

STATE STREET BANK GMBH, MÜNCHEN

Beethovenstrasse 19 8002 Zürich www.statestreet.ch

STRATÉO GENÈVE, SUCCURSALE DE KEYTRADE BANK, BRUXELLES

Rue de Chantepoulet 25 1201 Genève www.keytradebank.ch

Total Sheet 2010:

THE ROYAL BANK OF SCOTLAND NV, AMSTERDAM

Lerchenstrasse 24 8045 Zürich www.rbsbank.ch

THE ROYAL BANK OF SCOTLAND PLC, EDINBURGH

Total Sheet 2010:

Lerchenstrasse 24 8045 Zürich www.rbsbank.ch

Total Sheet 2010:

UBS LIMITED, LONDON, SWISS BRANCH

Europastrasse 1 8152 Opfikon www.ubs.com

UNICREDIT BANK, MÜNCHEN

Gartenstrasse 32 8002 Zürich www.hypovereinsbank.de

Total Sheet 2010:

VORARLBERGER LANDES- UND HYPOTHEKENBANK AKTIENGESELLSCHAFT, BREGENZ

Bankgasse 1 9004 St. Gallen www.hypobank.ch

Total Sheet 2010:

Total Sheet 2010: Total Sheet 2011:

p Total Sheet 2010: Total Sheet 2011:

Total Sheet 2010:

p

Total Sheet 2011: Total Sheet 2010:

Total Sheet 2011:

Total Sheet 2010: Total Sheet 2011: Total Sheet 2011:

Total Sheet 2011:

Total Sheet 2011:

Total Sheet 2010: Total Sheet 2011: Total Sheet 2011:

6 719 8 045

p

107 121 88 171

p p

p

Total Sheet 2011:

193 986 245 932

p

Total Sheet 2011:

4 568 -

p

Total Sheet 2010:

2 485 315 3 759 386

p

Total Sheet 2011:

31 540 255 1 677 201

p

s 5 New banks

39 834 -

p p p

1 106 537 2 355 232 619 905 454 521 31 650 19587

861 336 1 287 030 450 109 490 513 2 615 1 451

4 703 4 505

489 128 470 794

(waiting for BNS Classification)

AQUILA & CO

Bahnhofstrasse 28 a 8001 Zürich www.aquilagroup.ch

Since 2012

CITIBANK, NA, SIOUX FALLS

Quai du Général-Guisan 16-18 1204 Genève online.citibank.com

Since 2012

LLOYDS TSB BANK PLC, LONDON

St. Peterstrasse 16 8001  Zürich www.lloydstsb.ch

Since 2012

NEWEDGE GROUP, PARIS

Rue de Candolle 6-8 1205 Genève www.newedge.com

Since 2012

QUILVEST (SWITZERLAND)

Stockerstrasse 23 8002 Zürich www.quilvest.com

Since 2011

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

.71


308 Bank Profiles Private Bankers

BAUMANN & CIE

BORDIER & CIE

St.Jakobs-Strasse 46 4052 Basel

Rue de Hollande 16 1204 Genève

www.baumannbb.ch

www.bordier.com

E. GUTZWILLER & CIE BANQUIERS

GONET & CIE

Kaufhausgasse 7 4051 Basel

boulevard du Théâtre 6 1204 Genève

www.gutzwiller.ch

www.banquegonet.ch

LA ROCHE & CO BANQUIERS

LANDOLT & CIE BANQUIERS

Rittergasse 25 4001 Basel

Chemin de Roseneck 6 1006 Lausanne

www.larochebanquiers.ch

www.landoltetcie.ch

LOMBARD ODIER & CIE*

MIRABAUD & CIE BANQUIERS PRIVÉS

Rue de la Corraterie 11 1204 Genève

Boulevard Georges-Favon 29 1204 Genève

www.lombardodier.com

www.mirabaud.com

13 Private bankers

*formerly Lombard, Odier, Darier, Hentsch & Cie MOURGUE D’ALGUE & CIE

PICTET & CIE

Rue de la Fontaine 5 1204 Genève

Route des Acacias 60 1211 Genève

www.mabank.ch

www.pictet.com

RAHN & BODMER

REICHMUTH & CO

Talstrasse 15 8001 Zürich

Rütligasse 1 6003 Luzern

www.rahnbodmer.ch

www.reichmuthco.ch

WEGELIN & CO** Museumstrasse 1 9000 St. Gallen www.wegelin.ch

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SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

** Still in existence at the date of publication to finalise the closure of its remaining US client relationships and to continue the negotiations with the US authorities in the current dispute between Switzerland and the USA.


N’VYBAR: CONNECTED & COOL, RESIDENT DJ, FUSION FOOD, MIXOLOGIST BARMAN. DÉCOUVREZ UN NOUVEL ART DE VIVRE!


2013 Prospective

Stéphane Garelli Banque & Finance: How can the Swiss banks recover from this very troubled period and reposition themselves in 2013? Stéphane Garelli: What will be decisive for this year at international level can be summarised in three points: market regulation, the timing of the implementation of reforms and changes in taxation. Let’s begin with the desirable and acceptable degree of regulation of international markets. The big question today is how to regulate and how far to go. Because we can do too much: Basel III is 616 pages of regulations, the Dodd-Frank Act, 848 pages! The Basel III implementing regulations for all of Europe have been estimated at 60,000 pages, FATCA approximately 20,000 pages. This is madness. McKinsey has calculated that it would require 70,000 people employed full time to implement Basel III. The European Central Bank wonders if it will not be forced to hire 2000 people for this reason alone. In Switzerland, FINMA (the Swiss Financial Market Supervisory Authority), a small entity, is left with a huge number of regulations to verify and

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SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

© IMD/DR

Professor at the International Institute for Management Development (IMD) and at the University of Lausanne (HEC), he manages the World Competitiveness Yearbook, a study in the field of competitiveness of nations and companies published by the IMD. He served as the Managing Director of the World Economic Forum and of the Davos Symposium from 1974 to 1987.


2013 Prospective

“Bankers, you are better than you think!” enforce. We are creating a huge labyrinthine system. The real question is therefore not only to know what the necessary regulations are, but also to see to what extent they are applicable. Up to what point does a regulation remain credible and applicable everywhere in the same way? BF: Doesn’t all this involve major coordination? SG: Yes, and this is the second challenge before us. How quickly will the States apply the various reforms that they propose? Let’s take the example of separation – or not – between an investment bank and retail bank or deposit bank. Everyone has his own plan: the British, the Americans, and the French. But everyone is advancing at a different speed. This will create cacophony on the market. BF: Just as differences in taxation will? SG: Every country has begun fundamental reforms of its taxation, whether intended for individuals or companies. Three points deserve particular attention: firstly, in Europe, the famous Financial Transaction Tax, known as Tobin, promoted by countries that want to apply a 0.1% tax on share transactions and 0.01% on those of derivative products. Will it come about? In what form? And equally interesting, what will be done with the money? Lots of people, including the European Parliament, have great ideas on how to use this financial windfall! The real question remains: is this taxation really applicable? BF: Your second area of focus? SG: We must seriously consider reforming taxation on companies in general, and more particularly on corporations that operate globally. Current discussion within the OECD revolves around the report recently published under the name «base erosion and profit sharing». Since the revelations about

Starbucks and Amazon, whose tax rates are virtually zero despite handsome profits, the pressure of public opinion is increasing. All experts agree that the actual tax treatment of these large international groups which practice tax optimisation is around 8 to 9%. This is very low compared to other companies. Under public pressure, corporate tax reform is underway in the United States. It has now been relayed to Great Britain and will extend, in my opinion, to all countries. It will have a huge impact on the Swiss banking and financial system. BF: And the third point to watch? SG: We need to watch how the gap between capital income and labour income is going to develop. This is one of the famous questions asked on ABC News by billionaire Warren Buffett at the start of 2012: «Is it normal that I am taxed 15% on my capital while my secretary is taxed at 30% on income from her employment?» In the United States, the tax reform recently proposed by Barack Obama should increase the tax rate on capital from 15 to 20%. But the debate is the same everywhere: should capital gains continue to be favoured in terms of taxation compared to those from employment? BF: And where are the Swiss banks in all this? SG: For me, there is a base point: all Swiss companies that are competitive internationally have become so without the need, so far, for special Swiss tax law to help them. Switzerland has great companies in the food, pharmaceutical and engineering sectors. And there is no food, pharmaceutical or other banking secrecy. There is know-how, but no protection through any provision of law that other countries would not have in these areas. Banking secrecy or not, Swiss banks that are competitive will remain so by making the most of their skills, recognised worldwide. It is true, there have been unacceptable blunders, which must not happen again. But it is essential, in my view, that our banks refocus on their expertise, because the overall image of the Swiss financial market remains excellent, paradoxically much better abroad than domestically. Let us also remember

For this competitiveness specialist, public opinion of all bankers has «dropped�� without distinction. In an increasingly constrained context, Swiss finance must regain its legitimacy by going back to basics, relying on its expertise and the concept of the rule of law.

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

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2013 Prospective

that one of the main strengths of Swiss banking is that it is situated in a country that has rule of law, well-established procedures and legislation, an attractive environment for people who want to be sure not to lose money. You can, of course, put your money in Hong Kong, but you do not know that someone will not say tomorrow in Beijing, «we are changing everything». Ditto for Bermuda or the Cayman Islands. BF: Refocus, does that not mean close up? SG: On the contrary! The two major risks are firstly, that banks spend more time on compliance than taking care of their customers and secondly, that they develop an aversion to risk. Moreover, I sense a stirring in some banks of this aversion that is, for us, absurd in terms of management. Risk, lest we forget, is the very justification of profit. To comply with Basel III and its first level of capital demanded of 7%, Swiss banks had to borrow in 2012 some 195 billion euros just to recapitalise. The consequence is that these institutions, which are supposed to supply the market with money, have become de facto borrowers. Nevertheless, the real risk would be that they withdraw into themselves and no longer play their role in economic society, which is to lend. BF: So, how can customers’ confidence now be restored? SG: If I am an entrepreneur, I invest money in my company. I therefore accept with ease that my bank takes risks, that it finds financially complicated products, profitable. But as an individual, when it concerns my own money, my salary, my pension, then it is different! Like many customers, then I think my bank should be «boring», that is to say reliable, risk-free, with predictable deposit or mortgage transactions. For a large proportion of the population, the bank has lost this predictable and solid character that it had previously. When I go abroad and I maintain an optimistic stance, I often hear the same thing: «great, I thought that Swiss people were all boring!» I take it as a compliment, because boredom was part of our brand image. We were the country of banks and insurance. Our boredom was proof of wisdom, security. This is one of the elements that we will have to regain in our competitiveness, this tranquil character of the bank, because for the consumer, there is now one certainty: if I give you my savings, this is not so you can start playing with them. The cantonal banks such as Raiffeisen and Postfinance have progressed since the start of the crisis because people wanted that security, even at the cost of lower profitability, less sophisticated products and .78

SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

a less extensive range of services. Bankers need to listen to this message. Obviously, this does not mean that they should be limited to that. Banks must serve entrepreneurs, finance commodity trading, but we must recognize that part of the population no longer wants risk taking. BF: So, investment needs to be definitively separated from the rest. SG: This is a big debate everywhere. Launched in the United States with the Volcker Rule, and then taken up in Great Britain, France and at the European Union. In Switzerland, UBS advocates a clear segmentation of business, Credit Suisse has a different strategy. I’m not sure that everyone will accept a clear separation, a spin-off. I lean towards a system of firewalls between these activities. The key is not to make things too complicated. Moreover, this idea is fashionable at the moment. The recent easing of liquidity levels required by Basel III shows this need for simplification. In my management courses, I often highlight the subtle difference between becoming more sophisticated and becoming more complicated. Too much regulation kills regulation. This is what is happening in the banking system. BF: Is there a risk of further bankruptcies? SG: Remember the strengths I mentioned earlier in the food, pharmaceutical and technology sectors? We are good in these areas because the know-how of our businesses is real. For banking, the same applies. It is indeed probable that the small banks that were only specialised in investment and which fed on banking secrecy will have problems, and sometimes they will disappear. But most Swiss financial institutions did not live only from that. They were and still are very diversified, very open to the world. Let’s make the most of this ability to adapt to others. A Swiss banker has behind him lengthy experience, he knows how to sit around a table, read a balance sheet, and see what works and what does not, and how to outline a strategy. And because diversity is something that we live every day in Switzerland, he also knows how to accept that the people in front of him have a different culture and think differently. This cannot be learned overnight. And it is worth its weight in gold! n  Interviewed by Frédéric Barillet

Watch Stéphane Garelli’s interview on TV BanqueFinance


2013 Prospective

“Banquiers, vous êtes meilleurs que vous le croyez” Banque&Finance : Comment les banques suisses peuventelles se remettre de cette période très troublée et se repositionner dès 2013? Stéphane Garelli: Ce qui va déterminer l’année en cours au niveau international tient en trois points: la régulation des marchés, le timing de mise en œuvre des réformes et les changements en matière de fiscalité. Commençons par le degré souhaitable et acceptable de régulation des marchés internationaux. La grande question aujourd’hui est de savoir comment réguler et jusqu’où aller. Car on en fait trop: Bâle III, c’est 616 pages de réglementation, le Dodd-Frank Act, 848 pages ! Les textes d’application de Bâle III pour toute l’Europe ont été estimés à 60’000 pages, Fatca à peu près à 20’000 pages. C’est de la folie furieuse. McKinsey a calculé qu’il faudrait 70’000 personnes employées à plein temps pour appliquer Bâle III. La Banque centrale européenne se demande si elle ne va pas être obligée de recruter 2000 personnes pour ce seul sujet. En Suisse, la Finma, petite entité, se retrouve avec un nombre gigantesque de règlements à vérifier et appliquer. On est en train de créer une usine à gaz. La vraie question n’est donc pas uniquement de savoir quelles sont les règlementations nécessaires, mais aussi de voir dans quelle mesure elles sont applicables. Jusqu’où une règlementation reste-t-elle crédible et applicable partout de la même façon. BF: Tout cela n’implique-t-il pas une très forte coordination? SG: Oui, et c’est là le deuxième défi qui nous est lancé. A quelle vitesse les Etats vont-ils appliquer les différentes réformes qu’ils envisagent? Prenons l’exemple de la séparation - ou non -, entre banque d’investissement et banque de détail ou de dépôt. Tout le monde a son propre plan: les Britanniques, les Américains, les Français. Mais chacun avance à une vitesse différente. Cela va forcément créer de la cacophonie sur le marché. BF: Tout comme les différences de fiscalité, non? SG: Tous les pays ont entamé une réforme de fond de leur fiscalité, qu’elle s’adresse aux personnes ou aux entreprises. Trois points méritent surtout notre attention: tout d’abord, en Europe, la fameuse Financial Transaction Tax, dite Tobin, promue par les pays qui veulent appliquer une taxe de 0,1% sur les transactions d’actions et de 0,01% sur celles de produits dérivés. Verra-t-elle le jour? Sous quelle forme ? Et tout aussi intéressant, qu’est-ce que l’on va faire de cet argent ? Plein de gens, y compris le Parlement européen, ont de grandes idées sur l’utilisation

de cette manne financière! Reste la vraie question; est-ce que cette taxation est réellement applicable? BF: Votre second sujet d’attention? SG: Il faut se pencher sérieusement sur la réforme de la fiscalité des entreprises en général, et plus particulièrement sur les sociétés qui opèrent à l’échelle mondiale. Toute la discussion actuelle au sein de l’OCDE tourne autour du rapport qui vient d’être rendu public sous le nom de «base erosion and profit sharing». Depuis les révélations portant sur Starbucks ou Amazon, dont les taux d’imposition sont quasiment nuls malgré de beaux profits, la pression de l’opinion publique ne cesse d’augmenter. Tous les experts s’accordent à dire que l’imposition réelle de ces grands groupes internationaux qui pratiquent l’optimisation fiscale tourne aux alentours de 8 à 9%. C’est très bas par rapport aux autres entreprises. Sous la pression publique, le chantier de la réforme fiscale des entreprises a été ouvert aux Etats-Unis. Il est maintenant relayé en GrandeBretagne et va s’étendre, à mon avis, à tous les pays. Il aura un impact énorme sur le système bancaire et financier suisse. BF: Et le troisième point à surveiller ? SG: Il faut regarder comment va évoluer le gap entre revenus du capital et revenus du travail. C’est l’une des fameuses questions posées sur ABC News par le milliardaire Warren Buffett, début 2012: «Est-il normal que je sois imposé à 15% sur mon capital alors que ma secrétaire est taxée à 30% sur les revenus de son travail?» Aux Etats-Unis, la réforme fiscale tout récemment proposée par Barack Obama devrait faire passer le taux d’imposition du capital de 15 à 20%. Mais le débat est partout le même: les gains en capitaux doivent-ils continuer à être tellement avantagés en termes de fiscalité par rapport à ceux du travail? BF: Et les banques suisses, dans tout cela? SG: Pour moi, il y a un point de base: toutes les entreprises suisses qui sont compétitives à l’international le sont sans avoir eu besoin, jusqu’à ce jour, d’une particularité du droit fiscal suisse pour les aider. La Suisse a de très belles sociétés dans l’alimentaire, la pharmacie, l’engineering. Et il n’y a pas de secret bancaire alimentaire, pharmaceutique ou autre. Il y a un savoir-faire, mais pas de protection à travers une disposition quelconque du droit que n’auraient pas d’autres pays dans ces domaines. Secret bancaire ou non, les banques suisses qui sont compétitives le resteront en valorisant leurs compétences, reconnues dans le monde entier. C’est vrai, il y a eu des dérapages inadmissibles qui SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013

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2013 Prospective

ne doivent plus se reproduire. Mais il est essentiel, à mes yeux, que nos banques se recentrent sur leur savoir-faire. Car l’image globale de la place financière suisse reste excellente, paradoxalement bien meilleure à l’étranger qu’à l’intérieur du pays. Souvenons-nous aussi qu’un des atouts principaux de la banque suisse est d’être située dans un Etat de droit, aux procédures et à la législation bien établies, un environnement attractif pour des gens qui veulent être surs de ne pas perdre d’argent. Vous pouvez, certes, aller déposer votre argent à Hong Kong, mais vous ne savez pas si quelqu’un ne va pas dire demain à Pékin; “on change tout”. Idem pour les Bermudes ou les îles Caïman.

chez le consommateur, il y a désormais une certitude: si je vous donne mes économies, ce n’est pas pour commencer à jouer avec. Si les banques cantonales, les Raiffeisen et autre Postfinance ont tant progressé depuis le début de la crise, c’est parce que les gens voulaient cette sécurité, même au prix d’une rentabilité plus basse, de produits moins sophistiqués et d’une palette de services moins étendue. Les banquiers doivent entendre ce message. Bien évidemment, cela ne veut pas dire qu’il faille se limiter à cela. La banque doit servir les entrepreneurs, financer le commodity trading, mais il faut reconnaître qu’une partie de la population ne veut plus de prises de risque.

BF: Se recentrer, n’est-ce pas se refermer ? SG: Au contraire! Les deux risques majeurs seraient d’une part, que les banques passent plus de temps à faire du compliance qu’à s’occuper de leurs clients et d’autre part, qu’elles développent une aversion au risque. Je sens d’ailleurs poindre dans les banques - dans certaines en tout cas -, cette aversion qui est, pour nous, absurde en termes de management. Le risque, souvenons-nous-en, est la justification même du profit. Pour se conformer à Bâle III et à son premier niveau de fonds propres exigés de 7%, les banques suisses ont dû emprunter, en 2012, quelque 195 milliards d’euros, simplement pour se recapitaliser. La conséquence, c’est que ces institutions, qui sont supposées alimenter le marché en argent, sont devenues de fait des emprunteurs. Néanmoins, le vrai risque serait qu’elles se replient sur elles-mêmes et qu’elles ne jouent plus leur rôle dans la société économique, qui est de prêter.

BF: Il faut donc définitivement séparer l’investissement du reste. SG: C’est partout un grand débat. Lancé aux Etats-Unis avec la Volcker Rule, puis repris en Grande-Bretagne, en France ou au niveau de l’Union européenne. Chez nous, UBS se prononce pour une segmentation claire des métiers, Credit Suisse a une stratégie différente. Je ne suis pas certain que tout le monde acceptera une séparation franche, un spin-off. Je penche plutôt pour un système de firewalls entre ces activités. L’essentiel est de ne pas rendre les choses trop complexes. D’ailleurs, cette idée est dans l’air du temps. L’assouplissement récent du niveau de liquidités imposé par Bâle III montre ce besoin de simplification. Dans mes cours de management, j’ai souvent l’habitude de souligner la différence subtile qui existe entre devenir plus sophistiqué et devenir plus compliqué. Trop de réglementation tue la réglementation. C’est ce qui est en train d’arriver dans le système bancaire.

BF: Comment, aujourd’hui, redonner confiance aux clients? SG: Si je suis entrepreneur, j’investis l’argent de ma société. J’accepte donc aisément que ma banque prenne des risques, qu’elle trouve des produits financièrement compliqués, rentables. Mais à titre individuel, quand il s’agit de mon argent personnel, de mes salaires, de ma retraite, c’est différent ! Comme beaucoup de clients, je pense alors que ma banque doit être, entre guillemets, ennuyeuse, c’est-àdire fiable, sans risque, avec des opérations de dépôt ou d’hypothèque sans surprise. Pour une grande partie de la population, la banque a perdu ce caractère prévisible et solide qu’elle avait auparavant. Quand je vais à l’étranger et que je tiens un discours optimiste, j’entends souvent la même réflexion: “formidable, je croyais que tous les Suisses étaient ennuyeux!” Je le prends comme un compliment, car l’ennui faisait partie de notre image de marque. Nous étions le pays des banques, des assurances. Notre ennui, c’était une preuve de sagesse, de sécurité. Voilà un des éléments qu’il va falloir retrouver dans notre compétitivité, ce caractère tranquille de la banque. Car

BF: Faut-il craindre de nouvelles faillites? SG: Rappelez-vous des atouts que j’évoquais tout à l’heure à propos de l’alimentaire, de la pharma, des technologies. Nous y sommes bons parce que le savoirfaire de nos entreprises est réel. Pour la Banque, il en va de même. Il est certes probable que les petites banques qui n’étaient spécialisées que dans l’investissement et qui se nourrissaient du secret bancaire vont avoir des problèmes, qu’elles disparaîtront parfois. Mais la plupart des institutions financières suisses ne vivaient pas que de cela. Elles étaient et sont toujours très diversifiées, très ouvertes sur le monde. Valorisons cette capacité à nous adapter aux autres. Un banquier suisse a derrière lui une longue pratique: il sait s’asseoir autour d’une table, lire un bilan, voir ce qui va et qui ne va pas, ébaucher une stratégie. Et parce que la diversité est quelque chose que nous vivons tous les jours en Suisse, il sait aussi accepter que les gens en face de lui aient une culture différente et qu’ils pensent autrement. Cela, ça ne s’apprend pas du jour au lendemain. Et ça vaut de l’or! n  Propos recueillis par Frédéric Barillet

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SWISS BANKING YEARBOOK - L’ANNÉE BANCAIRE 2013


WEALTH CAN BE GREATER THAN THE SUM OF ITS PARTS

REYL & CIE S.A.

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GENEVA ZURICH LUGANO PARIS LONDON LUXEMBOURG SINGAPORE HONG KONG

A NEW APPROACH TO BANKING


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