Do you also have your own branches there?

No. Deliberately not. We serve the market exclusively from Zurich. It’s efficient, everything is within a day’s reach, and it fits our strategy. We do not plan to open branches or offices abroad. Our roots are in Zurich.

After Germany, which market comes next for you?

The second-largest market in our Private Banking International is the United Kingdom. A financial-services agreement between Switzerland and the UK is currently being developed. Banks will be able to apply from January 2026 to operate under the new provisions. In practical terms, this would mean we could address potential UK clients with assets from £2 million directly from Switzerland. Whether ZKB will make use of that option is still open.

Is the average client size abroad comparable to Switzerland?

We haven’t analyzed that systematically yet. In Germany, it depends on what you include. As here, we serve both smaller assets in the affluent segment and private-banking clients.

Politically, cantonal banks’ foreign activities tend to be controversial. Taxpayers and voters ask: isn’t the risk too high?

We have clear guidelines from the canton via the bank council: no more than ten percent of risk capital may be deployed abroad. That’s a clear boundary and consciously limits risk. It’s also important to stress: internationally we do wealth management, not corporate banking.

«We regularly say no to opportunities that don’t fit our risk appetite.»

A German couple seeking a credit line will receive one only if it’s for property in Switzerland, or a secured Lombard loan. We don’t grant loans for Germany itself. So the risks are very manageable. The goal is to diversify the group’s income. At the same time, we are very strict on KYC and source of wealth. We regularly say no to opportunities that don’t fit our risk appetite.

So the Benko case couldn’t have happened with you.

No.

Why did you sell ZKB Austria to LLB?

We led ZKB Austria to success. It had been profitable for five years and generated earnings. But compared with Switzerland, the market is small, and we were a small player there. We concluded we were no longer the right owner because the bank couldn’t develop sufficiently with us. With LLB, which has a much stronger focus on that market, development is more feasible.

What differentiates your private banking from pure-play firms such as EFG, Pictet, or Julius Baer?

The key difference is our universal-bank model. We offer the full breadth — trading, asset management, corporate banking. We can use our roughly 200 billion francs balance sheet across all client segments, including larger private clients. That’s a clear differentiator. A second point is security — and by that I don’t just mean the state guarantee.

«We can use our roughly CHF 200 billion balance sheet across all client segments — including larger private clients.»

We also have a strong rating without it. We are not publicly listed, and our owner is the Canton of Zurich. The expectation is clear: sustainable growth, low-risk growth, stable growth. That shapes our philosophy. We place very strong emphasis on risk. You can see that in our AA– rating from Standard & Poor’s excluding the state guarantee. It confirms that our business model is not only stable but also profitable, as evidenced by our annual results and growth.

Philanthropy is another ZKB focus in private banking. What exactly are you doing?

At the beginning of 2024, we launched an umbrella foundation and contributed 25 million francs as a bank — 5 million each in five thematic areas. The aim was to demonstrate a clear philanthropic commitment by the bank and give clients the option of running their own foundations under that umbrella. Foundations are an important and rapidly growing segment in Switzerland. A great deal of wealth is held in foundations, and more and more wealthy clients want to donate all or part of their assets for personal reasons. For them, it’s sensible if we offer an in-house solution. We also already serve many existing foundations with banking services such as asset management or execution. This segment has grown above average in recent years.

So clients can integrate their own legally independent foundations under the umbrella?

Yes, exactly.

And there are five thematic areas in which to participate — or define your own projects?

Yes, there is great flexibility. You can join the areas we define as a bank or set your own foundation purposes. We’ve already launched initial projects. One example is arts and culture: via the Spheriq platform, in which we hold a majority stake, we issued a call for proposals. That allowed us to select and fund compelling projects. As a client, you can join these or pursue your own goals.

Read on to the final page to see what Florence Schnydrig Moser has planned for the years ahead — and why she regrets the end of Credit Suisse.