Zurich-based Globalance Bank has identified Germany as the ideal market to expand its business abroad, with its focus on sustainable investment.
Globalance Bank is one of the few successful Swiss private-banking startups of the past years. It has managed to retain its clear focus on sustainable investment and the Globalance Footprint tool, which shows investors what effect their asset allocation has on the economy, society and environment, has proved effective in attracting wealthy clients.
The Zurich-based company now aims to expand abroad and has opted for Germany to take a first step outside of the Swiss home market. It has founded Globalance Invest in Germany and opened a branch in Munich, according to a statement issued today.
Partnership With Donner & Reuschel
For the purpose, Globalance Bank teamed up with Donner & Reuschel, a German private bank. The Swiss partners will provide research, asset management, innovation and product development, while Donner & Reuschel has a distribution network covering the whole of Germany, Europe’s biggest economy.
The German partner will act as custodian and provide corporate functions. Signal Iduna insurance group is one of Donner & Reuschel’s shareholders.
Few Successful Expansion Bids
Germany had only few dedicated providers of sustainable solutions, said Reto Ringger, the founder and CEO of Globalance Bank, adding that his bank aimed to fill the gap.
The German private-banking market has proved to be challenging for Swiss companies. Successful expansion bids have been rare, with very competitive local rivals not leaving much ground for foreign financial-service companies.
Some Swiss asset managers however have been reasonably successful with a specific, specialized offering.
