Protecting a name
Raiffeisen's dominance, (un)tarnished reputations, garden sell-off
Dear Insider,
Reputations are taking a hit these days.
Switzerland’s legendary military prowess is in the ditch - with big names (army, intelligence and defence ministry) all on their way out.
(Read the Special Report here to find out what’s going on… 👇🏻)
Is it hopeless? Probably not…
One thing that gives hope is the way some other reputations have been rehabilitated - former FINMA Director Urban Anghern.
The financial “big name” has a new job…not the hardest either.
Meanwhile, another big brand in Swiss finance needs no reputational upgrade whatsoever.
It dominates like never before…
Read on to find out more,
Ian
💡PS: Please share what you like (or don’t) about The Swiss Insider. Reply to this email and let me know! 🙏🏻
Let’s connect on Bluesky - the fast-growing X alternative… 👍🏻
💥Quick hits
Short summary - short and sweet…
🗞️ Changing of minds
Changes in the media world don’t often make the headlines.
Unless a newspaper writes about itself… In this case, it is Neue Zürcher Zeitung, one of Switzerland’s largest - and the change comes in a delicate area.
In May 2025, Rico Bandle, currently text editor at SonntagsZeitung, will become the new head of the NZZ's Opinion section.
According to the newspaper, Bandle will infuse the section with greater dynamism by featuring contemporary thinkers and engaging in current debates, while maintaining traditional cultural reporting.
The move comes at an interesting time - just as Washington Post owner Jeff Bezos has announced a new “power move” in the Post’s own editorial board.
🏦 Home-grown dominance
While the world chatters about UBS - another Swiss bank is “cleaning up”…
Raiffeisen Switzerland saw strong growth in 2024, particularly in corporate banking, gaining 5,000 new SME clients.
The bank expanded its workforce by 337 full-time positions to enhance customer advisory services, leading to higher personnel costs.
Its market share in the mortgage sector increased to 18.1%, with 95% of its credit portfolio secured and an average loan-to-value ratio of 59% for residential properties.
In one remote location in Muotathal, Raiffeisen enjoys a whopping 90% market share…
📰 Person in the news - Urban Angehrn
It’s a comeback…of sorts…the same kind that turned out to be kind to former Swiss finance scions like Marcel Rohner and Peter Würfli (UBS).
Swiss private equity giant Partners Group has announced the nomination of Urban Angehrn to its board of directors.
Why is this news?
Because Angehrn was, until September 2023, the head of Swiss financial regulator FINMA and in the driver’s seat for the infamous collapse of Credit Suisse.
A theoretical physicist by training (ETH Zurich, Harvard), Angehrn cut his teeth in finance at J.P. Morgan and Credit Suisse First Boston,
He later moved on to Winterthur Insurance and Zurich Insurance Group, where he rose to Group CIO.
In 2021, Angehrn was appointed CEO of FINMA, taking charge during a volatile period for Swiss financial markets.
Citing health issues due to sustained high stress (and no small amount of public criticism) Angehrn stepped down in September 2023 after less than two years in office.
Now he slides into a role that should be much less stressful - and eminently more lucrative.
💰Just for the wealthy…
As tax season rolls in - the pressure is growing, especially for those with plenty in the bank.
Who do the wealthy call when they need tax advice in Switzerland?
These 10 UHNWI tax advisors are among the best…
🔔Focus on the foreigners
Who’s afraid of foreigners? Quite a few people, actually…
But besides the focus on illegal immigration and violent crime - “foreigners” are a topic in Switzerland for an entirely different reason.
In light of US pressure on European capitals, the Swiss political establishment is taking aim at State Street, the U.S. financial giant currently managing the country’s AHV Compensation Fund.
A motion led by SVP National Councilor Thomas Matter calls for an outright ban on foreign banks handling these critical social security assets.
If immediate revocation isn’t possible, the Federal Council is urged to draft new laws to force the change.
This move follows Compenswiss’ decision in summer 2024 to transfer custodianship from UBS (which held the role since 1997) to State Street’s Zurich branch, after a Swiss Federal Audit Office recommendation triggered a tender process.
Critics argue that entrusting a U.S. bank with Switzerland’s pension funds is a security risk, while State Street defends its expertise, highlighting its 100-employee Swiss presence and FINMA regulation.
The Swiss Bankers Association opposes the motion, warning that blocking foreign banks could undermine the integrity of Switzerland’s public procurement system.
Meanwhile, the National Council will decide the fate of the motion on March 3, 2025—a decision that could reshape custodianship rules for Swiss pension funds and potentially shut out all foreign banks from this lucrative sector.
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A Chart is Worth…
Swiss investor sentiment has taken a hard hit at the beginning of the year, falling by over 14 points from January to February.
At the same time, it remains positive compared to H2 2024.
The Bonus
💐Gardens gone - Migros continues its cost-cutting program with the sale of Micasa - its home goods daughter firm - and the Do-It garden shop line. (Link)
📈Stronger than expected - In the final quarter of 2024, the Swiss economy experienced a stronger-than-anticipated upswing, with GDP increasing by 0.5% compared to the previous quarter. (Link)