Zuger Kantonalbank
Origin of Zuger Kantonalbank
Zuger Kantonalbank is the cantonal bank of the canton of Zug. The Bank was founded in 1892 and is headquartered in Zug. Zuger Kantonalbank is organized as an autonomous public-law institution according to public law. The shares are listed on the SWX Swiss Exchange and are 50% owned by the canton of Zug and the remaining 50% are distributed among 10’000 shareholders, primarily from the canton of Zug. The Bank has an unlimited state guarantee. Zurich Kantonalbank rated Zuger Kantonalbank with a AAA rating in 2017.
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Philosophy and Strategy
Zuger Kantonalbank is the leading financial institution in the canton of Zug and the economic area of Zug. The Bank differentiates itself through the proximity to their clients and the Bank has a very healthy capital base.
Overall concept
- Zuger Kantonalbank understands its customers and strives for a long-term partnership. The relationship is characterized by a comprehensive knowledge of the client’s financial situation and needs in all phases of their life.
- The quality of Zuger Kantonalbank’s advice is very convincing and creates added valued and safety to the customers.
- Zuger Kantonalbank is committed to the customers, employees, shareholders, partners and society. The Bank is a reliable partner, is fair and respectful in their actions.
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Services and Solutions
The business of Zuger Kantonalbank is the retail banking, mortgage lending, private banking and the business with SMEs mainly within the canton of Zug.
Private Clients
The services for private clients can be divided into accounts and cards, investment and the stock market, home financing and financial planning and taxes.
Investment advisory
Zuger Kantonalbank knows that every client is different and has individual needs and wishes. The Bank offers three investment advisory mandates:
- Investment advisory basic
- Investment advisory partner
- Investment advisory expert – personal advisor and investment specialist, investment proposal during the first meeting, a proposal for portfolio optimization, ongoing monitoring of the portfolio.
With an investment advisory mandate, the customers make their own decisions and Zuger Kantonalbank is advising them.
Asset Management
The assets are managed in line with the investment strategy which was drawn up together with the client.
The asset management mandates are:
- Investment fund mandate
- Asset management mandate
- Equity mandate
The client can profit from the following advantages: Personal advisor, the portfolio managed by Zuger Kantonalbank, annual portfolio discussion, investment strategy tailored to the client’s needs.
E-invest
E-Invest is a practical solution if the client wants to make the investments alone, without the bank’s expertise. E-Invest is an online service.
Mortgages
Zuger Kantonalbank is the leader in real estate financing in the economic area Zug. Mortgages are mainly focused on self-occupied residential property. In 2018 Zuger Kantonalbank financed 443 new homes in the canton of Zug. Mortgage financing increased by 2.3 % to 11.7 bn CHF.
Risk Management
Taking risks is inextricably linked with banking activity. Zuger Kantonalbank cannot directly influence systematic risk but is closely monitoring the development of the risks to respond quickly to changes.
The risk policy of Zuger Kantonalbank defines the principles and objectives as well as the framework of Risk Management in the Bank.
The different risk categories are the default riks, the liquidity risk, the market riks, the operational risks and the strategic and reputational risks. The core tasks of Zuger Kantonalbank are managing, evaluating and identifying these risks.
The ultimate goal of the bank is to preserve the first-class credit rating and a good reputation. Risks are taken by the bank provided that the further development is not endangered and the bank’s funds are sustainably secured.
The Bank sets a total risk limit, which is then divided into individual limits per risk category. The limits are semiannually reviewed.
Operational risk management and risk control are a central part of Zuger Kantonalbank’s tasks. The Bank applies a “three line of defense” concept.
- Profit-oriented business units are managing and controlling the risk in their day-to-day business
- Independent control bodies build the second line of defense
- The third line of defense is the internal audit.
Mainly Risk Control, Risk Monitoring, Legal and Compliance and Internal Audit are responsible for the second and third line of defense.
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Added-Value Services
Zuger Kantonalbank had a very good year in 2018. The operating profit rose by 3.9 % to 108.2 mm CHF. The income from commission and services posted a significant increase of 7.3%. The Bank could control the costs and they remained stable. The net profit of 74.7 mm CHF is 9.8 % higher than in 2017.
Zuger Kantonalbank requests at the General Assembly a dividend increase of 10 % to 220 CHF. The dividend yield is 3.9 %.
The business model of Zuger Kantonalbank is very robust even in the low-interest rate environment and the increased volatility of the financial markets.
The commission and service business increased to 46.4 mm CHF from 43.2 mm in the previous year. The trading income was lower as several customers had to accept some losses in the difficult equity environment, and they had to adjust quickly to the new circumstances and were very conservative. The result was 16.8 mm CHF which is 6 % lower than the previous year.
Assets under Management increased by 425 mm CHF to 11.6 bn CHF.
In mid-2017 Zuger Kantonalbank introduced new advisory mandates. The growth of these mandates was higher than expected. The volume of in-house investment funds increased as well. Zuger Kantonalbank introduced new equity and strategy funds as well as new solutions for the pension assets.
The overall wealth management business exceeded the high growth of the previous year.
Margins in the mortgages business remain under pressure due to the ongoing negative interest rate environment. Customers renewed their mortgages at lower rates, and this resulted in a slightly lower interest business income. The number of fixed-rate mortgages stood at 98.8 % compared to 98.4 % the previous year.
In 2018 Zuger Kantonalbank invested in new e-banking for their customers and in the IT infrastructure to optimize the processes.
Zuger Kantonalbank has a very strong equity base and is therefore very well equipped for the future and stands for great security.
People from the canton of Zug can benefit from a variety of sponsorship commitments by Zuger Kantonalbank. Zuger Kantonalbank shares the responsibility for an attractive and lively residential and working region of Zug. When choosing the sponsoring projects, Zuger Kantonalbank favors the general
public in sports, culture and social projects. Besides the three main sponsoring commitments, the Bank supports more than 600 local clubs and organizations every year.
Zuger Kantonalbank – Facts & Figures
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| Address | Bahnhofstrasse 1, 6301 Zug |
|---|---|
| Phone | +41 41 709 11 11 |
| Website | www.zugerkb.ch |
| Year of foundation | 1892 |
| Subsidiaries | – |
| No. of employees | 416 |
| Rating | AAA |
| Chairman | Urs Rüegsegger |
| CEO | Hanspeter Rhyner |
| Eligible Regulatory Capital | 1.333 bn CHF |
| Tier 1 Ratio | 17.80 % |
| Leverage Exposure | 18.463 bn CHF |
| Leverage Ratio | 7.20 % |
| Liquidity Coverage Ratio | 147 % |
| Risk Weighted Assets | 7.434 bn CHF |
| Loans outstanding | 13.770 bn CHF |
| Assets under Management | 15.592 bn CHF |
| Assets under Management / Employees | 37.480 m CHF |
| Net profit | 75.298 m CHF |
| Net Profit / Employees | 181’004 CHF |
| Cost / Income Cost Ratio (CIR) | 46.30 % |
| Return on Equity | 5.38 % |
| Own structured products | No |
| Foreigners accepted | Yes |
| Presence abroad | No |
Source: Annual Report 2021
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