With their double opening of branches in St. Moritz and Gstaad, EFG International has achieved a major coup which attracted a lot of attention in the industry. Franco Polloni, who is responsible for the Swiss market, has now told finews.ch why the two locations will become even more important in terms of business with wealthy clients.

Mr. Polloni, private bank EFG International has opened two new locations in noble ski resorts St. Moritz and Gstaad. When did the bank start making plans for the new branches?

After the end of the Covid pandemic, it became clear that our clients were changing their behavior. We could clearly see that these hidden gems, Gstaad and St. Moritz, were going to grow in popularity, also as a permanent place of residence. As a global financial boutique, we wanted to be where our clients are. We had already made the strategic decision to establish a presence at both destinations in 2021.

And what did you do after that?

Even before we had branches there, we started to get involved in the region and let our presence be known. We are a partner of the Festival da Jazz in St. Moritz, for instance, and the title sponsor of the Swiss Open in Gstaad.

«With Manuel Blanco and Stephan Uebersax, we have found the right personalities»

The decision was clear, but we still needed to find the right people.

EFG has now found them: the teams from Credit Suisse are coming to both locations. Was the sale of the major bank to UBS quite convenient for EFG?

The decision to have a presence in Gstaad and St. Moritz was made as part of longer-term strategic considerations. We want to strengthen our presence in our home market, especially in places where this makes sense to us. The events last March were not a determining factor for the decision, however they certainly sped up the implementation.

With the new teams, you have gained staff who have a great deal of local expertise and many local contacts. How important is this for your success?

For me, it is the people who are crucial. With Manuel Blanco and Stephan Uebersax, we have found the right personalities who have a strong local bond and are well established here, and who also represent the EFG values to our clients. Along with their teams, they will be able to offer the full range of asset management services.

What is it that attracts clients to the two locations?

Security is a big topic. The locations are accessible by private plane, for instance, thanks to the airports in Engadin and Saanen. This means that you do not have to arrive via Zurich Airport.

«For many clients, the preservation and enhancement of family wealth and generation changes are important»

Another factor is the international schools: Lyceum Alpinum in Zuoz or Institut Le Rosey in Gstaad. Some of our clients get to know the region by the fact that their children attend these schools. Both municipalities also have quite appealing tax rates. Aside from this, however, Switzerland as a whole is greatly valued thanks to its financial and political stability, and legal certainty.

And which banking topics are important for your clients at present?

Trust and security are crucial. For many clients, the preservation and enhancement of family wealth and generation changes are important. That being said, ESG factors or impact investments are also becoming more important in clients’ considerations.

Franco Polloni has been managing the Swiss market and the Italy region for Swiss private bank EFG International since May 2017. Before this, he worked in various management posts for Banca del Gottardo, Banca della Svizzera Italiana (BSI), which was taken over by EFG International in 2016, and Banca del Ceresio in Lugano. He began his career in 1993 in auditing and tax consulting for the then ATAG Ernst & Young in Zurich. Later, he worked in the Swiss Federal Department of Foreign Affairs where he worked for Federal Councilor Flavio Cotti.