Two new members of the Board of Directors at Bank WIR
The Annual General Meeting of Bank WIR clearly approved the distribution of a dividend of 10.25 Swiss francs proposed by the Board of Directors. Heinz Fuchs and Christoph Lenz were newly elected as members of the bank's Board of Directors.
Analogous to the previous year, the Annual General Meeting of Bank WIR was held by written ballot. The purely Swiss cooperative bank was able to increase lending volume, customer deposits and profit in the 2020 financial year. At the written general meeting, the cooperative members approved the management report and the annual financial statements, which show a profit of 14.4 million Swiss francs. "Our company is in good health and has a strong capital base," summarized Karin Zahnd Cadoux, Chairman of the Board of Directors. "We exceed the regulatory requirements by far," Zahnd Cadoux continued. The Board of Directors and the Executive Committee were discharged by a large majority.
Dividend of 10.25 francs
The Annual General Meeting also approved the appropriation of profit and dividend proposed by the Board of Directors: The distribution of 10.25 Swiss francs per ordinary share will take the form of an optional dividend ("dividend with reinvestment" or cash dividend) and - calculated on the cash dividend variant - corresponds to a yield of 2.4 percent. If the ordinary shares are held as private assets, the distribution is tax-free. Last year, the share price increased by 8.4 percent (plus dividend payment) - and this year, too, investors seem to have confidence in the security, which is reflected in a further 7.2 percent increase in the share price.
Two new members of the Board of Directors
In the elections, the existing members of the Board of Directors were confirmed: Karin Zahnd Cadoux (Chairwoman), Marc Reimann, Kornel Tinguely and Germann Wiggli for a further two years, Petra Müller for a further year due to the limitation on terms of office. Georg Anthamatten and Jürgen Bletsch, who are retiring this year due to term limits, were replaced on the Board of Directors by Heinz Fuchs and Christoph Lenz. Heinz Fuchs (65) is a business economist and certified public accountant with a national and international network in the banking and finance industry. Christoph Lenz (42) is a qualified trustee and has been working in the real estate sector for 16 years.
Amendment to the Articles of Association for more flexibility
Furthermore, the Annual General Meeting approved, with the necessary two-thirds majority, an amendment to the Articles of Association that allows Bank WIR to introduce participation certificates. "This gives us additional flexibility," says CEO Bruno Stiegeler. "We will continue to seize our opportunities, especially with a view to cooperations and participations."
Source and further information: Bank WE
