Zurich Cantonal Bank

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Zurich Cantonal Bank
Native name
Zürcher Kantonalbank (ZKB)
Incorporated public-law institution
Industry
Founded1870
HeadquartersBahnhofstrasse 9 Zurich
8010 Switzerland
Area served
Canton of Zurich
Key people
  • Dr. oec. HSG Jörg Müller-Ganz, Chairman
    (since 2003)
  • Martin Scholl, CEO
    (since 2007)
Products
1 935.22 mln CHF (2014) [1]
647.50 mln CHF (2014) [1]
Total assets 156.50 bln CHF (2014) [1]
Number of employees
5087 (2018) [2]
Website www.zkb.ch/en
Bond of the Zurcher Kantonalbank, issued 1879 Zurcher Kantonalbank 1879.jpg
Bond of the Zürcher Kantonalbank, issued 1879

Zurich Cantonal Bank (German : Zürcher Kantonalbank, or ZKB) is the largest cantonal bank and fourth largest bank in Switzerland, as well as the leading financial services provider in the Greater Zurich area, with total assets of over CHF 150 billion. [1]

Contents

ZKB, as an independent, incorporated public-law institution, is wholly owned by the Canton of Zurich. Ultimate supervision of ZKB is the responsibility of the Cantonal Council of Zurich, whose duties are laid down in Zurich's Cantonal Bank Act. [3]

Under the law, the canton of Zurich bears responsibility for all ZKB's liabilities should the bank's resources prove inadequate. This cantonal guarantee acts as a stabilising force for the financial market as a whole, particularly in times of economic uncertainty.

On October 2009, Global Finance magazine rated ZKB at one of the five safest banks in the world, [4] on the basis of it being one of only five financial institutions that enjoyed a triple Standard & Poor's, Fitch and Moody's AAA/Aaa rating globally.

History

The Zurich Cantonal Bank was founded in 1870 as "bank of the citizens of Zurich" following an initiative of Johann Jakob Keller (1823–1903), then member of the cantonal council of Zurich. The canton of Zurich provided the necessary endowment capital and appointed the senior governing bodies. The public service mandate and the corresponding social and political responsibility were established by law [5] .

Network

With 103 outlets, ZKB is the largest network of branches in the canton of Zurich.

ZKB also maintains a network of international representatives and regional advisory offices in Beijing, Mumbai, Singapore, Panama, and Sao Paulo. ZKB also has a branch in Austria (Salzburg). [6]

ZKB Gold ETF

On 15 March 2006, Zurich Cantonal Bank launched the ZKB Gold ETF, which is listed in Switzerland under the symbol ZGLD. The fund invests exclusively in physical gold. The ETF has three unit classes traded in different currencies: USD, EUR, and CHF. [7] Shares are sold in 1 ounce gold units, with a minimum purchase of one unit (one ounce).

Units are normally bought and sold for cash. For payment in kind, only integral 12.5 kg ingots are assured (subject to the total holding). The NAV is based on closing prices on the New York exchange according to Bloomberg Golds Comdty HP. [8]

See also


Notes and references

  1. 1 2 3 4 Bank Profile: Zürcher Kantonalbank
  2. Kantonalbankgesetz (Cantonal Bank Act), Canton of Zurich (in German)
  3. World’s Safest Banks, Global Finance, October 2009
  4. "Bank of the citizens of Zurich". ZKB. February 21, 2020.
  5. Bank Profile: Zürcher Kantonalbank Österreich AG
  6. ZKB Gold ETF, Simplified Sales Prospectus, December 2008
  7. ZKB Gold ETF Simplified sales prospectus, see page 3 for bar description


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