Migros Bank

Origin of Migros Bank

Migros-Bank-1Headquartered in Zurich, Migros Bank AG is a wholly owned subsidiary of the Retailer Migros. As a universal bank, it is primarily active in the business with retail and private customers as well as with
small and medium-sized corporate clients. It was founded in 1958 by Gottlieb Duttweiler. In the
beginning, primarily savings accounts and mortgages were offered. In the 1990s funds and e-banking
services were added.

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Philosophy and Strategy
Migros Bank’s values – customer satisfaction is the bank’s focus. The client’s trust is the most
valuable asset for Migros Bank. Migros Bank is one of the leading banks in Switzerland. Migros Bank
is operating a responsible, consistently cautious risk policy without investment banking since its
foundation. Easy-to-understand products, expert advice, and favorable conditions: these are the
hallmarks of Migros Bank.

Values – Migros Bank

  • Is friendly and supports the concerns of their customers
  • Is courageous, creates new things and is responsible and risk-conscious
  • Treats each other respectfully, fairly and with humanity
  • Is eager to perform and create values.
  • Acts and communicates honestly

Migros Bank refrains from investment banking and short-term, risk-rich earnings maximization. The
bank pursues a stable, responsible business development.

Migros Bank is well positioned regarding equity, refinancing, and systems and has a robust earnings
position. The increase in prices for residential properties has noticeably flattened and in some
regions already shows first downward corrections. The risk of a real estate bubble has diminished.
There should be no significant mortgage defaults. With an unchanged interest rate policy of the Swiss
National Bank, Migros Bank sees higher earnings in 2018.

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Services and Solutions
Migros Bank offers private and commercial customers the most important banking services in good
quality and at attractive conditions. Trust, security, and discretion are key factors of a good customer

Customer service
Migros Bank strives for long-term customer relationships based on a high level of mutual trust. In
advising, the bank avoids all forms of conflicts of interest and is guided exclusively by the needs of
the client. The bank does not engage in any business relationship with clients who represent extreme
political or religious positions or have rough social intolerance such as racism or misogyny.

Migros Bank is a competent partner in all investment decisions. Migros Bank offers three investment

  • Migros-Bank-2The client follows developments in the financial markets and is well versed in securities and
    foreign exchange trading. For the investment transactions, which the client does
    independently, the client benefits from portfolio management services that are cheap,
    secure and flexible.
  • The client is interested in the financial markets but also appreciates the expert knowledge of
    specialists. For the investment transactions, the client benefits from a personal contact who
    will advise on the investment decisions.
  • The client is responsible for the strategy, leaving the management of the portfolio to Migros
    Bank’s specialists. The client benefits from up-to-date investment opportunities without
    having to worry about the volatility of the markets.

Migros Bank offers five different strategies. These strategies are – income, conservative, balanced,
growth and dynamic.

The first step is to determine the investment profile and to select the appropriate strategy.

Risk Aversion
The readiness to assume risk is individually different; some people like to take high risk for higher
return, others prefer lower risk and therefore also lower return.

Migros Bank invests in four asset classes – money market, bonds, shares and alternative investments.
Migros Bank offers investment funds, precious metal accounts, and structured products.
The bank covers equities, bonds, raw material, and foreign exchange.

Migros Bank offers favorable mortgages with interesting conditions. The client receives the mortgage
at the best possible price.

With a Migros Bank loan, the client enjoys financial freedom for their plans and benefits from
attractive conditions. With the Lombard loan, the client can use securities as collateral.

Risk Management
Migros Bank has traditionally pursued a conservative risk policy. Due to their activity throughout Switzerland, credit risks are broadly diversified and largely secured with mortgages. The interest rate risk is monitored on an ongoing basis, and an appropriate asset & liability management is applied which is set by the Board of Directors. The other risks are of lesser importance for the assets and earnings situation of the bank.

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Added-Value Services
Migros Bank is a member of the Swiss Payments Council. In 2016, it launched the e-Pay payment service and integrated it into Migros online shops.

Migros Bank acquired a majority stake in CSL Immobilien. This will create a new, comprehensive provider of real estate services for corporate clients and private and institutional investors in the Swiss market. CSL Immobilien is one of the leading “total service providers” in the Swiss real estate sector.

Migros Bank introduced tablet-based tools to support the asset management department and also the mobile banking app was extended with various new functionalities, like touch and face ID, and card lock. The free cash withdrawal option for customers of Migros Bank was extended to Mirgrol petrol stations and Denner locations.

Environmental sustainability
Thanks to ongoing investments in building and technology, Migros Bank’s total electricity consumption has been steadily reduced both in absolute terms and per unit of person. The bank only uses 100% recycled paper.

Migros Bank is the first major Swiss bank to refrain from bonuses. In this way, the bank promotes long-term, cross-client customer care through their employees.

Strong commitment to society and the environment
Migros Bank supports the Promotion Fund Migros with 10% of its dividend yearly. The fund promotes sustainable start-up projects. In 2017 the contribution amounted to 5.3 million CHF.

Migros Bank – Facts & Figures

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Address Seidengasse 12, 8001 Zurich
Phone +41 848 845 400
Website www.migrosbank.ch
Year of foundation 1958
No. of employees 1’484
Chairman Fabrice Zumbrunnen
CEO Manuel Kunzelmann
Eligible Regulatory Capital 4.258 bn CHF
Tier 1 Ratio 14.38 %
Leverage Exposure 55.779 bn CHF
Leverage Ratio 5.34 %
Liquidity Coverage Ratio 158 %
Risk Weighted Assets 20.731 bn CHF
Loans outstanding 45.074 bn CHF
Assets under Management 1.9 bn CHF
Assets under Management / Employees 1’280 m CHF
Net profit 240.069 m CHF
Net Profit / Employees 161’771 CHF
Cost / Income Cost Ratio (CIR) 52.46 %
Return on Equity 5.54 %
Own structured products No
Foreigners accepted Yes
Presence abroad No

Source: Annual Report 2021

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