Two years ago, the former Credit Suisse Switzerland executive took over Private Banking at Zuercher Kantonalbank. But it makes sense that Florence Schnydrig Moser's growth is not only driven by wealthy clients.
Florence Schnydrig Moser has revamped private banking at Zuercher Kantonalbank (ZKB), by placing client advisor teams spread across the canton under the central management and supplementing the teams with specialists from the investment and pension sectors. They can be called upon as needed.
Making such adjustments have since brought the state-owned SKB increased growth, she tells the French-speaking Swiss financial portal «Allnews».
Not Only New Money from Credit Suisse
Of course, Credit Suisse immediately comes up. The ZKB manager worked for years in the product area, among others, at the bank, which was taken over by UBS last March. Thanks to ZKB's top AAA credit rating, it was always able to attract new customers in times of crisis. That is occurring once again, the banker said.
«Client money is not just coming from Credit Suisse,» which indicates that inflows are broadly diversified, Schnydrig Moser explained.
Historical Growth Rates
Since she took office, ZKB's biggest gains have come not from its wealthy clientele, but rather from affluent ones. Its market share in the Canton area is now around 50 percent, she added.
If the figures are correct, the state bank has gained pole position in the race for affluent clientele in an increasingly competitive market. With growth among rich and super-rich clients stagnating, UBS and Credit Suisse have come up with the idea of pushing the business of affluent clients. By using technology for standard offerings, they can keep margins and economies of scale as high as possible.
Raiffeisen Expanding
However, major banks have formidable opponents in the regional and Cantonal banks with their excellent local networks and who have accompanied wealthy customers from their youth.
As the CEO of the cooperative group Heinz Huber told finews.com, in March, the Raiffeisen banks intend to become a permanent fixture in wealth management as well. For Schnydrig Moser at ZKB, this probably means that the job won't get any easier, even after two years in the saddle.
