Geneva-based Flowbank made substantial provisions last year to protect itself against adversity. The digital bank is looking positively at the current year and wants to expand its Zurich base, finews.com has learned.
Flowbank reported improved business performance, reaching its goal of achieving a positive cash flow after only three years, according to a statement on Wednesday.
Remaining Solid
Last year, the company made the strategic decision to set aside a significant provision to deal with potential challenges and ensure its business's stability. It remained solid and resilient but didn't give more precise numbers on its results.
The company's commitment to its customers, technological innovations, team dedication, and controlled growth strategy have all contributed to its success.
Ambitions in Zurich
In October 2021, the bank opened an office in Zurich with the somewhat cheeky slogan of «Loewenstrasse will be the new Paradeplatz,» the latter being home to UBS and Credit Suisse. With the demise of Credit Suisse, maybe Flowbank will reconsider that slogan.
There's also been a management change, with Wenzel Mueller leaving the company. The branch, which employs seven, is now managed by Lowis Beuter, who also works in customer service, a spokeswoman confirmed to finews.com.
The bank, founded by CEO Charles-Henri Sabet in 2020, has 127 employees. It focuses on favorable conditions for trading financial products like risky CFD (contract for difference) instruments.
