Ticino's Cantonal Bank has the ambition to grow – without losing sight of its roots. finews.ch talks to Fabrizio Cieslakiewicz, chief executive of BancaStato.
Fabrizio Cieslakiewicz, in what ways do you see BancaStato developing?
We want to grow in all segments (bank website in Italian only). With that, we intend to take a number of targeted measures to increase our market share with private clients, with local businesses and in private banking and wealth management.
We are a group, something that is often forgotten. We are even a genuine finance boutique when you consider Axion Swiss Bank in Lugano, which allows us to clearly differentiate markets in a large number of different and often complementary ways.
«This approach helps us to diversify our revenues»
In short, we want to keep growing - and we will. Our approach helps us to diversify our revenues.
Are you planning to open or close branches in Ticino?
Our current network comprises four branches, 16 agencies and 25 ATMs. These are numbers that have grown in comparison with competitors over time. In the past ten years, we have opened new agencies in Giubiasco, Gordola and Manno.
The agency in Manno takes an entirely new approach that we intend to implement in others as well. Regular banking services are conducted with new-generation ATMs, allowing our employees to concentrate on advisory work, which contributes the highest added value to us.
«We are fundamentally a bank that you could say is genetically embedded in the region»
This approach reflects changing customer habits given that the number of manual cash transactions has dropped significantly. It also allows us to completely cover our region's needs.
We are fundamentally a bank that you could say is genetically embedded in the region. Over the next few months, we intend to install more ATMs in order to reach other areas. This is all happening at a time when we are developing and improving our digital channels.
Do you intend to only grow organically or do you see yourselves making any takeovers?
We intend to grow organically, apart from our recently concluded takeover of EFG's retail and corporate activities in Ticino, which was completed at the end of March 2021. What we are now seeing is the fruit of all the efforts we have been making over the past few years on a project basis.
We are not currently planning on any acquisitions, but we remain open to opportunities that present themselves in the market.
What advantages does the takeover of EFG International Bank's retail business bring you?
The agreement with EFG allowed us to add more than 5,400 clients and more than 500 million Swiss francs in assets, and 420 million francs in lending, mostly mortgages.
«There are advantages that come with our public duties»
It has allowed us to increase our business volume and revenues. The number of mortgages we booked from the deal is roughly what we would be able to lend through our own efforts in a year.
There are advantages that come with our public duties. We are giving the former EFG clients continuity while strengthening Ticino finance as a whole in a way that fully matches our profile as a cantonal bank.
What does your private banking strategy look like?
Because of the structure of our group, we are in a position to offer our clients a complete palette of services. As an example of that, Axiom is a center of competence for the development and administration of in-house funds.
«The Ticino market is appreciated for its high quality»
In 2020, we introduced two new funds for private clients at the main cantonal bank, and they have been very successful.
Some cantonal banks have expanded abroad. Have you ever thought of that possibility?
No, we do not have any intention of expanding abroad.
What is the growth potential of private banking in Ticino?
In general, you can't really split Ticino from neighboring Italy. Our access to the market, which is currently at a standstill, is going to be decisive in that.
Despite that, and even given the objectively small size of the Ticino market and the outsourcing of decision-making beyond the alps, Ticino has shows that it can offer something to clients because of its high quality of service and professionalism, which is clearly appreciated.
«The number of Italian clients has increased slightly over the past few years»
I think there are always possibilities to grow. It is up to us to be proactive about them.
How important are Italian clients for BancaStato?
Most of our clients are in Ticino. They make up 80 percent of our clients, followed by Italian clients, which make up about 14 percent.
The number of Italian clients has increased slightly over the past few years, which is mostly due to the fact that BancaStato did not increase account management fees on clients who are not domiciled in Switzerland.
Fabrizio Cieslakiewicz has worked for BancaStato for more than 21 years and has been its CEO since June 2017.
