For its 30th anniversary, Syz Bank appointed a new chief executive. Since February of this year, Nicolas Syz, the son of founder Eric Syz, has been leading the Geneva-based private bank. Before taking over as CEO, Syz — who previously worked for UBS Wealth Management — spent nine years in various roles within the family business, including business development and head of wealth management.

«I thought very carefully about taking this step and only put my name forward later in the selection process,» the newly appointed CEO said in an interview with finews.

Mr. Syz, you took over the operational leadership of the bank in February. What does it feel like to step into such a role — especially in a family-owned business?

With a great deal of respect. The bank has been built very successfully over the past 30 years and has a strong DNA. Many employees have been with us for more than 25 years and helped shape that culture. You need to carry that momentum forward.

Was it always clear that you would one day take over the reins?

Not at all. I thought very carefully about taking this step and only put my name forward later in the selection process.

«The moment a family business turns into an ego game, it becomes dangerous.»

If you feel pressured into taking on such a role, you should not accept it. I considered this question very consciously — together with my family.

There was a formal selection process conducted by the board of directors. My name was not automatically assumed. That is exactly how it should be. Governance matters. The moment a family business turns into an ego game, it becomes dangerous — for employees, clients and the firm as a whole.

Was your father relieved when you decided to do it?

(laughs) You would have to ask him. But he told me he was proud of the board’s decision. What matters is that we share the same long-term objectives.

With you, a new generation has taken over at the top. What have you changed so far?

During my first months, I primarily listened. I wanted to understand what works well, where the challenges are, and what vision people themselves have. Employees often know best what works and what does not. At the same time, you need to remain innovative without losing focus of the bank’s DNA.

What did employees tell you? Where is there room for improvement?

As a company, you constantly need to challenge yourself. For me, it is primarily about focus and value creation. Are we truly active in the areas where we create the greatest value for clients? Are we sufficiently focused on our core competencies?

The world is changing faster than ever. Client needs are evolving, generations are shifting, and artificial intelligence is transforming processes dramatically. That is why we constantly need to assess how to reduce complexity while creating more value at the same time.

«The idea is not to achieve more with fewer people. Profitable growth is what matters.»

I told my colleagues from day one that everyone needs to ask themselves whether what they are doing is adding value to clients.. In the end, it is often the small things that make the difference.

Does higher profitability mainly mean greater efficiency to you?

The idea is not to achieve more with fewer people. Profitable growth is what matters. If we can grow without losing our culture or our quality standards, then we are on the right path.

Where do you want to grow?

Our two major growth engines are the traditional private banking and external asset manager business. Both areas are developing very positively.

In the EAM segment, the focus is primarily on expanding partnerships further. External asset managers are important partners for us, and we have grown significantly in that area over recent years.

At the same time, we are selectively investing in new talent and senior hires — particularly in the Middle East. Our positioning as a family-owned entrepreneurial bank resonates strongly in that region.

Are you currently seeing additional inflows due to geopolitical tensions in the Middle East?

We continue to see growth in the region. But such developments should not be overstated. In the long run, stable trends matter more than short-term geopolitical movements.

In everyone’s interest, greater stability would of course be welcome again. Prolonged conflicts would further fuel inflation and economic uncertainty.

Syz Bank is strongly rooted in French-speaking Switzerland. In German-speaking Switzerland, the bank is less visible. Do you want to change that?

Absolutely. That is precisely why I am based in Zurich and why we are investing in growth here. Zurich offers enormous potential.

At the same time, Geneva remains our historical headquarters and that will not change. But we want to raise our profile in Zurich — with the right people and with sustainable growth.

Where do you see new business opportunities for the bank?

Innovation remains essential. But innovation does not simply mean constantly adding new things. You also need to ask yourself: what should we stop doing? If you constantly add new initiatives without questioning existing structures, complexity becomes excessive and expensive.

One example is digital assets. We see that some clients want to allocate part of their wealth to this asset class. That requires trusted partners. That is exactly where we want to play a role.

«Banks and regulators need to work together to ensure Switzerland remains competitive.»

Another example is our outsourced CIO offering for single- and multi-family offices. We provide clients with access to our full investment expertise — research, strategic asset allocation, tactical views, and specialist know-how. Many family offices cannot afford dedicated experts in every asset class. That is where we see growing demand.

So you want to externalize more of the bank’s expertise?

Exactly. By providing our expertise and services (such as Outsourced CIO) to other professionals (Single Family Offices and Multi Family Offices) to support their decision making we build trust and credibility. Trust is created when clients know that the information they receive is genuinely relevant to them — and not primarily designed to benefit us as a bank. This is how we can continue to build solid relationships and as well expand our reputation across markets.

How do you currently assess Switzerland as a financial center?

What Switzerland’s financial center needs most today is solidarity. Banks, regulators and market participants need to work together to ensure Switzerland remains competitive.

Switzerland is a small country with enormous importance within the global financial system. Quality, stability and trust are our greatest strengths. Worldwide, people immediately understand what «Swiss quality» stands for.

After the collapse of Credit Suisse, there were certain doubts internationally. External competitors naturally used that uncertainty to their advantage. That is why it is now even more important for us to present a united front.

How significant are the regulatory risks facing the Swiss financial center?

Regulation is important. Switzerland is currently in a very solid position. But policymakers must always ensure that the financial center remains competitive at the same time.

When following the debate around additional capital requirements, for example, it is important not to jeopardize the attractiveness of the location.

Could geopolitical tensions once again play into Switzerland’s hands?

Perhaps in the short term. But that should never form the basis of a strategy. What truly matters is Switzerland’s long-term stability — politically, economically and from a currency perspective. That predictability is a key competitive advantage.

How important will artificial intelligence become for private banking?

AI will make processes more efficient and take over many repetitive tasks. But private banking remains a relationship-driven business built on trust.

That is why AI will support people, not replace them. Personal service remains essential. At the same time, significant investment in training and new skills will be required.

Are you able to find enough young talent?

Fortunately, Switzerland has outstanding universities and educational institutions — from ETH Zurich to École Polytechnique Fédérale de Lausanne and the country’s hospitality schools. The service mindset developed in hospitality translates very well into private banking.

There is no shortage of talent. The key is developing people properly and giving them the opportunity to evolve alongside new technologies.