Switzerland’s largest online bank is facing opposition in its hometown of Gland, where it plans to expand its headquarters to accommodate a growing workforce.
Swissquote’s plans for its future headquarters, which will be voted on in a referendum on Sunday, are facing local resistance from the population, according to a report by «Le Temps» (in French, behind paywall).
To accommodate an additional 1,000 staff, the bank's construction plans include a 60-meter high tower as well as eight hectares of parkland, which would be accessible to the public. Gland which is set in the wine region of La Côte on the shores of Lake Geneva has 13,000 inhabitants.
The opponents say the 60-meter high tower would cast a shadow resulting in 800 hours less sunlight per year during the months from October to March on the affected area below the tower.
Local Employer
Besides being a major taxpayer in the municipality, Swissquote is also focused on hiring locally, with 20 percent of its workforce coming from a five-kilometer radius of its headquarters, the report said.
«We need space to develop our activities and, given that we are attached to Gland, we want to do it here,» CEO and co-founder Marc Buerki, is quoted as saying. His successors might not be as attached to Gland and could move operations to German-speaking Switzerland or abroad, he added.
Busted Targets
Fueled by an increase in online trading during the pandemic, Swissquote reached record profits of 223 million Swiss francs ($244.3 million) last year, busting its targets three years earlier than planned.
New targets include doubling its turnover by 2025, the report said.
