Zürcher Kantonalbank
| Zürcher Kantonalbank | |
|---|---|
|
|
| Country |
 Switzerland
|
| Seat | Zurich |
| legal form | Public law institution |
| IID | 700 |
| BIC | ZKBKCHZZ80A |
| founding | February 15, 1870 |
| Website | www.zkb.ch |
| Business data 2019 | |
| Total assets | 167.1 billion CHF |
| Employee | 5'145 |
| management | |
| Board | Martin Scholl ( CEO ) |
| Corporate management |
Jörg Müller-Ganz (Bank President) |
The Zürcher Kantonalbank is the leading universal bank of the Canton of Zurich in Switzerland . It is only represented in its own canton, but operates nationally and partially internationally. Measured against total assets of 167.1 billion Swiss francs , it is the largest cantonal bank and one of the largest Swiss banks. It is active in the mortgage and lending business as well as in the investment and pension sector and, with client assets of around CHF 333.3 billion, is one of the five largest asset managers in Switzerland. As an independent public institution of the Canton of Zurich, it enjoys an unlimited state guarantee . The canton is liable for all liabilities of Zürcher Kantonalbank if its own resources are insufficient. The creditworthiness of Zürcher Kantonalbank has been given the top rating ("AAA" or "Aaa") by the three rating agencies , Standard & Poor’s , Moody’s and, since January 2009, Fitch Ratings , as the only bank in Switzerland and one of the few Banks worldwide.
The core businesses include financing, investments and asset management, trading and capital markets, as well as the passive, payment and card business. It offers products and services in the investment and pension sector. With retroactive effect to July 1, 2014, the bank acquired Swisscanto Holding AG on December 10, 2014 and fully integrated it.
History of the Zürcher Kantonalbank
The bank was founded in 1870. The basis for this was laid by the Zurich Cantonal Constitution, enacted in 1869, where Article 24 stated: "It [the state] shall set up a cantonal bank to promote the general credit system."
The idea of a state bank was largely driven by Johann Jakob Keller (1823–1903), a democratic politician and entrepreneur from the Zurich Oberland . The bank was founded with the aim of granting loans to farmers and craftsmen on favorable terms.
Current numbers
Zürcher Kantonalbank has around 60 branches (2018; excluding pure ATM locations). Since over 90% of customers withdraw their cash at ATMs and cashless payments have continued to increase, four branches are expected to be closed by 2020.
| 2015 * | 2016 | 2017 | 2018 | 2019 | ||
|---|---|---|---|---|---|---|
| Group gross profit (in CHF million) | 664 | 752 * | 784 | 892 | 846 | |
| Group annual profit (in CHF million) | 722 | 761 * | 782 | 788 | 845 | |
| Profit distribution to the canton and municipalities (in CHF million) | 326 | 351 | 363 | 358 | ||
| Balance sheet total (in CHF million) | 154'410 | 157,985 | 163,881 | 169,408 | 167,054 | |
| Own funds (in CHF million) | 10'429 | 10,793 | 11'228 | 11,852 | 12,337 | |
| Client assets (in CHF million) | 257,507 | 264,754 | 288,802 | 295,200 | 333,341 | |
| Employees (part-time adjusted at year-end) | 5,179 | 5,173 | 5'117 | 5,087 | 5'145 |
Ownership and business purpose
Zürcher Kantonalbank is an independent public law institution of the Canton of Zurich and fulfills a statutory service mandate. It is run according to commercial principles and should generate a reasonable profit . The framework of the business activity, the business purpose as well as the supervision and organization of the bank bodies are regulated in the law on Zürcher Kantonalbank .
The statutory mandates include:
- supplying the Zurich population, SMEs, agriculture and public corporations with banking services
- promoting low-cost residential construction and home ownership in the canton of Zurich
- Compliance with sustainability principles in all business activities at home and abroad
- the support of the canton in solving its tasks in the areas of economy, environment and society
The public service mandate also includes the operation of the pawn shop for the Canton of Zurich. This institution grants low-interest micro-loans from CHF 10. Any deficit will be borne by the Zürcher Kantonalbank.
State guarantee
The canton makes endowment capital available to Zürcher Kantonalbank and grants a state guarantee. According to the law, the state is liable for all liabilities of the bank if its own resources are insufficient. Thanks to its stand-alone rating (aa), Zürcher Kantonalbank is one of the safest universal banks in the world, thanks to very good capitalization, a stable earnings base and the associated profitability.
System relevance
On November 1, 2013, the Zürcher Kantonalbank was classified as a systemically important bank in Switzerland by order of the Swiss National Bank (SNB) and must meet stricter capital adequacy requirements and develop emergency plans for times of crisis. In addition to Zürcher Kantonalbank, the major banks UBS and Credit Suisse , Raiffeisen Switzerland and PostFinance are systemically relevant in Switzerland .
Subsidiaries
- Swisscanto Holding AG
- Swisscanto Fund Management Ltd.
- Swisscanto AG
- Swisscanto Asset Management International SA, Luxembourg
- Zürcher Kantonalbank Austria
- Zürcher Kantonalbank Finance (Guernsey)
- Swisscanto Private Equity AG
- Züri Bahn AG
Holdings
- Aduno Holding AG
- TWINT AG : ZKB is involved in the Swiss mobile payment solution Twint .
- Pfandbrief headquarters of the Swiss Cantonal Banks AG
organization
The bank is under the supervision of the Cantonal Council . This elects the members of the board of directors and the board of directors. The board of directors is responsible for the overall management of the bank as well as the supervision and control of the management. He delegates the operational activities of the bank to the general management.
Members of the board of directors
- Jörg Müller-Ganz (Bank President)
- János Blum (Deputy Bank President)
- Roger Liebi (Vice President)
Members of the Bank Council
- Amr Abdelaziz
- René Huber
- Bettina Furrer
- Henrich Kisker
- Mark Roth
- Peter Ruff
- Walter Schoch
- Anita Sigg
- Rolf Walther
- Stefan Wirth
Members of the General Management
- Martin Scholl (Chairman of the General Management / CEO)
- Christoph Weber (Head of Business Unit Private Banking, Deputy CEO)
- Jürg Bühlmann (Head of Business Unit Corporate Customers)
- Stephanino Isele (Head of Institutionals & Multinationals Business Unit)
- Remo Schmidli (IT, Operations & Real Estate business unit)
- Roger Müller (Head of Business Unit Risk)
- Daniel Previdoli (Head of Business Unit Products, Services & Directbanking)
- Rudolf Sigg (Head of Business Unit Finance)
Areas of activity
Zürcher Kantonalbank is a universal bank with regional roots and a national and international network. It offers private individuals, companies and institutional customers a wide range of services and products. The core businesses of Zürcher Kantonalbank include financing, investments and asset management, trading and capital markets, as well as deposit, payment and card business. Payment transactions have been processed by Swisscom since mid-March 2017 through outsourcing .
Economic, social and cultural commitment
In the guidelines passed by the Cantonal Council , Zürcher Kantonalbank is obliged to support economic, social and cultural institutions and projects.
Zürcher Kantonalbank is primarily committed to the environment, society and the economy and is, for example, the main sponsor of the Zurich zoo , the Zurich wilderness park , the Spreitenbach environment arena in the canton of Aargau , the Zürcher Wanderwege association , the Zurich canton theater , the Winterthur casino theater and the Zurich theater Spectacle , the literary events in Kaufleuten, the Zurich Chamber Orchestra as well as the jazz festival jazznojazz and the jazz club Moods . It also organizes prizes such as the ZKB Schiller Prize . The foundations of the Grüningen Botanical Garden and SanArena Rescue School, which are unique in Switzerland for providing emergency aid training for laypeople, were founded by the Zürcher Kantonalbank and are still assigned to it.
Various popular sports events are also funded by the Zürcher Kantonalbank, including the Zurich Marathon , the Töss relay and the Zurich Gymnastics Association as the main sponsor . The bank is also the main partner of the Zürcher Verkehrsverbund in the night network.
The economy in the canton is promoted through the award of several prizes, including the ZKB SME Prize, a sustainability prize for SMEs and, together with Technopark Zurich, the ZKB Pioneer Prize . At the ZHAW she supports a start-up center ; at the University of Zurich , for example, she supports the Center for Corporate Responsibility and Sustainability and, as co-founder of the Excellence Foundation Zurich , she supports research in various areas.
Criticism of the legal status of the ZKB
Liberal circles are bothered by the legal form of the Zürcher Kantonalbank as a public-law institution run by the Cantonal Council with a full state guarantee. In fact, it is "a major European bank in a regional political corset": It was founded as a financial institution that helps local SMEs to obtain loans, but today it operates as a "financial tanker" active throughout Europe. In a crisis it has far too little room for maneuver, and the full state guarantee is anachronistic in today's circumstances and unfair to the mass of taxpayers; liability should be limited. The compensation for the state guarantee introduced in 2014, according to which the ZKB compensates the canton of Zurich for the state guarantee, is a zero-sum game, "because the insurer and the policyholder are one and the same unit". Public governance problems are also criticized ; For example, the three big parties SVP, SP and FDP share the top of the supreme body.
Failure to comply with internal guidelines 2006/2007
At the end of 2006 and beginning of 2007, the Zürcher Kantonalbank's internal controls were inadequate. As a leading bank in derivatives trading, it was indirectly involved as an option issuer in various hostile company takeovers or takeover attempts - for example at Unaxis , Saurer , Converium , Ascom , Implenia and Sulzer . The long-established Zurich company Sulzer in particular disapproved of the Zürcher Kantonalbank's approach to putting together blocks of shares for third parties by exploiting loopholes in the mandatory reporting system. The consequence of this was an investigation by the Swiss Federal Banking Commission, the result of which is still pending.
As a result of the investigations by the supervisory authorities, the highest body of the state bank, the bank council, was forced to take various measures. In April 2007, the bank initially parted with its head of investment and private banking and its head of trading. On May 7, 2007, the resignation of CEO Hans F. Vögeli on May 31, 2007 was announced in a press release from Zürcher Kantonalbank. The derivatives team involved had already left the bank.
As a result, Zürcher Kantonalbank adopted various new guidelines, including for the options business. She declared her intention to no longer participate in hostile takeovers of listed companies in the future and to no longer offer a hand to circumvent reporting obligations. In addition, the proprietary business regulations for employees were tightened, a compliance unit was set up and a business unit specifically responsible for risk controlling was created.
In a letter from the Swiss Federal Banking Commission dealt with in the Zurich Cantonal Council in October 2008, the Federal Banking Commission exonerated the members of the Bank Council, members of the Board of Directors and members of the executive board. The SFBC did not intend to take any supervisory measures against these. All people who should have expected such measures or "with possible removal" have since left the bank.
Untaxed assets from German customers
On December 27, 2016, Zürcher Kantonalbank reached an amicable agreement with the judicial authorities in Cologne in the tax dispute and made a one-time back tax payment of 5.7 million euros in connection with untaxed assets of German customers.
End of the tax dispute with the USA
In August 2018, it was announced that the state bank had reached an agreement with the US Department of Justice (DOJ). As part of the Deferred Prosecution Agreement, ZKB has thus committed itself to a payment of USD 98.5 million: USD 39 million will go to the US tax authority IRS for lost taxes, and USD 24 million as a fine to the Treasury.
literature
- Zürcher Kantonalbank 1870–2020. Edited by Zürcher Kantonalbank, texts by Tobias Straumann, Gerda Leipold, Matthias Wiesmann and Raphaela Ziegler. Zurich 2020, ISBN 978-3-280-06018-6 ( online ).
Web links
Individual evidence
- ↑ a b Entry in the bank master of Swiss Interbank Clearing
- ↑ https://unternehmensprofil.zkb.ch/de/index.html
- ^ Constitution of the Swiss Confederation of Zurich of April 18, 1869.
- ↑ ZKB is dismantling : Classic bank counter is being phased out In: cash.ch , October 3, 2018, accessed on October 4, 2018.
- ↑ Key figures. Retrieved October 27, 2016 .
- ^ Law on the Zürcher Kantonalbank. Retrieved October 27, 2016 .
- ↑ Pawnshop (on zkb.ch). Retrieved October 27, 2016 .
- ↑ Ermes Gallarotti: The ZKB is systemically relevant. In: Neue Zürcher Zeitung of November 11, 2013
- ↑ Order of the Swiss National Bank on systemic relevance. Media release of November 11, 2013 (PDF)
- ↑ ISO 20022 Switzerland | Twint on the runway | Harmonization, standardization and migration of payment transactions in Switzerland UNIFI (ISO 20022) , September 12, 2016, accessed on November 7, 2017.
- ↑ ZKB payment transactions are now with Swisscom. In: inside-it.ch. April 5, 2017. Retrieved June 10, 2019 .
- ↑ Bank Council of Zürcher Kantonalbank: Guidelines for fulfilling the service mandate of Zürcher Kantonalbank . In: loose-leaf collection of the Canton of Zurich . Version dated December 19, 2013 edition. No. 951.13 , February 24, 2005, § 7 no. 11 ( zhlex.zh.ch [PDF; accessed October 29, 2016]).
- ↑ partner. In: Zurich Zoo. Retrieved October 29, 2016 .
- ↑ Affiliate links. In: Wilderness Park Zurich. Retrieved October 29, 2016 .
- ↑ main partner. In: Umweltarena Spreitenbach. Retrieved October 29, 2016 .
- ↑ Left. (No longer available online.) In: Zürcher Wanderwege. Archived from the original on October 29, 2016 ; Retrieved October 29, 2016 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Profile. In: Theater Canton Zurich. Retrieved October 29, 2016 .
- ↑ sponsors. In: Casinotheater Winterthur. Retrieved October 29, 2016 .
- ↑ partner. In: Theater Spektakel. Retrieved October 29, 2016 .
- ↑ Merchants' literature. Retrieved October 29, 2016 .
- ↑ ZKO season program 2015/2016 . In: Issuu . ( issuu.com [accessed October 29, 2016]). ZKO season program 2015/2016 ( Memento of the original from October 29, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Urs Steiner: ZKB continues to be a jazz sponsor . In: Neue Zürcher Zeitung . May 30, 2011 ( nzz.ch [accessed October 29, 2016]).
- ↑ The Foundation. In: Grüningen Botanical Garden. Retrieved October 29, 2016 .
- ↑ About SanArena. In: www.sanarena.ch. Retrieved October 29, 2016 .
- ↑ Rebekka Haefeli: 25 years of the SanArena rescue school: Equipped for emergencies . In: Neue Zürcher Zeitung . September 26, 2002 ( nzz.ch [accessed October 29, 2016]).
- ↑ sponsors. (No longer available online.) In: Zurich Marathon. Archived from the original on October 29, 2016 ; Retrieved October 29, 2016 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Töss relay. In: Winterthur Sports Office. Retrieved October 29, 2016 .
- ^ Main sponsor of Zürcher Kantonalbank. In: Zürcher Turnverband. Retrieved October 29, 2016 .
- ↑ Ruedi Baumann: Other banks have private jets, the ZKB has its own train. In: Tages Anzeiger. July 5, 2013, accessed October 29, 2016 .
- ↑ night surcharge. In: ZVV. Retrieved October 29, 2016 .
- ↑ ZKB Sustainability Award 2012: Exemplary SMEs . In: Neue Zürcher Zeitung . January 30, 2012 ( nzz.ch [accessed October 29, 2016]).
- ↑ Pioneer Award. In: Technopark Zurich. Retrieved October 29, 2016 .
- ↑ RUNWAY Startup Incubator. In: ZHAW Zurich University of Applied Sciences. Retrieved October 29, 2016 .
- ↑ Funding (sponsoring). In: www.ccrs.uzh.ch. Retrieved October 29, 2016 .
- ↑ Donors and partners. (No longer available online.) In: Excellence Foundation Zurich. Archived from the original on October 29, 2016 ; Retrieved October 29, 2016 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Jörg Müller: ZKB: The bank that is too close. Neue Zürcher Zeitung, March 22, 2019, accessed on March 26, 2019.
- ↑ The ZKB is facing major changes. Handelszeitung , January 2, 2008, accessed on July 9, 2015 .
- ↑ ZKB board member approved in the Sulzer case. Neue Zürcher Zeitung , October 10, 2008, accessed on September 18, 2009 .
- ↑ Almost a bargain - Zürcher Kantonalbank got rid of the tax dispute with Germany with the payment of 5.7 million euros. Tagesanzeiger, December 27, 2016, accessed December 27, 2016 .
- ^ Zoé Baches and Dieter Bachmann "ZKB: Three darned months in 2008" . Tages Anzeiger (Economy) , Aug. 14, 2018; accessed on Aug. 15, 2018.
Association of Swiss Cantonal Banks
Aargauische Kantonalbank (AKB) | Appenzell-Ausserrhodische Kantonalbank (former) | Appenzeller Kantonalbank (APPKB) | Banca dello Stato del Cantone Ticino (BancaStato) | Banque Cantonale de Genève (BCGE) | Banque Cantonale du Jura (BCJ) | Banque Cantonale Neuchâteloise (BCN) | Banque Cantonale Vaudoise (BCV) | Basler Kantonalbank (BKB) | Basellandschaftliche Kantonalbank (BLKB) | Berner Kantonalbank (BEKB) | Freiburger Kantonalbank (FKB / BCF) | Glarner Kantonalbank (GLKB) | Graubündner Kantonalbank (GKB) | Lucerne Cantonal Bank (LUKB) | Nidwaldner Kantonalbank (NKB) | Obwaldner Kantonalbank (OKB) | Schaffhauser Kantonalbank (SHKB) | Schwyzer Kantonalbank (SZKB) | St.Galler Kantonalbank (SGKB) | Solothurner Kantonalbank (former) | Thurgauer Kantonalbank (TKB) | Urner Kantonalbank (UKB) | Walliser Kantonalbank (BCVS) | Zuger Kantonalbank (ZugerKB) | Zürcher Kantonalbank (ZKB)