Bank CIC Switzerland adopts new strategy and development goals
As the preferred banking partner of companies, private clients and entrepreneurs, Bank CIC (Switzerland) is pursuing ambitious development objectives as part of its 2024-2027 strategic plan. As a subsidiary of Crédit Mutuel Alliance Fédérale, Bank CIC aims to become a benchmark in the Swiss banking sector. To achieve this goal, the Swiss bank is announcing a capital increase of 300 million Swiss francs in the first half of 2024.
"With our 2024-2027 strategic plan "Together, powerful, solidary", we have set ourselves the goal of becoming a benchmark in the banking sector in the service of the Swiss economy. To achieve this, we will rely on solid foundations, namely the skills of our employees, our ability to innovate, which will enable us to provide ever better service to our private and business customers, and new synergies with our parent company Crédit Mutuel Alliance Fédérale," explains Eric Charpentier, Chairman of the Board of Directors of Bank CIC and Deputy CEO of Banque Fédérative du Crédit Mutuel.
"The period from 2024 to 2027 will be an important stage in the development of Bank CIC (Switzerland) Ltd. We are convinced that we have the ability to become the reference bank for Swiss companies, large private clients and entrepreneurs, but also for European clients of Crédit Mutuel Alliance Fédérale present in Switzerland. The fact that we can rely on such a solid group is a key asset in achieving our growth targets," adds Livia Moretti, CEO of the bank.
An ambitious strategic plan in the service of the Swiss economy
Despite the environment characterized by inflation, rising interest rates and a stronger Swiss franc, the bank recorded the highest profit in its history in the first half of 2023. It amounted to 26.7 million Swiss francs (+46.7% year-on-year). These are excellent results that show that the Bank has succeeded in capitalizing on the new interest rate environment while maintaining a cautious risk management policy.
Motivated by this healthy growth dynamic, Bank CIC has set itself the goal of becoming a first-class bank in the service of the economy and sustainable development in Switzerland. The strategy is steered by a new Executive Board, led by Livia Moretti since February 1, 2023. The Swiss bank can also rely on solid foundations, namely the skills of its employees, its capacity for innovation and the financial support of Crédit Mutuel Alliance Fédérale in France. As a subsidiary of one of the best-capitalized banking groups in Europe, Bank CIC will benefit from very positive synergies, particularly in terms of serving its parent company's clients present in Switzerland.
A capital increase to support its 2024-2027 strategy
To support the implementation of its 2024-2027 strategy, the shareholders of Bank CIC have voted in favor of a capital increase of 300 million Swiss francs to be carried out in the first half of 2024. This decision will enable the Crédit Mutuel Alliance Fédérale subsidiary to increase its lending capacity to support the Swiss economy, particularly in the industrial sector.
As a bank for large and medium-sized companies, major private clients and entrepreneurs, the bank also plans to expand its range of products and services. This strategy is based equally on the commitment of its employees and on the Group's corporate banking expertise and know-how in France. This resolute policy should make it possible to recruit around 80 new employees by 2028 at the various locations of its head office in Basel and its branches in Zurich, Geneva, Lausanne, Neuchâtel, Fribourg, Sion and Lugano. Customers of the Lucerne branch will now be served from the Zurich branch.
Source: www.cic.ch
