Zurich Cantonal Bank
|Type||Incorporated public-law institution|
|Headquarters||Bahnhofstrasse 9 Zurich
|Area served||Canton of Zurich|
|Key people||Urs Oberholzer, Chairman
Martin Scholl, CEO
|Operating income||CHF1,001m (2009)|
|Net income||CHF751m (2009)|
|Total assets||CHF117bn (2009)|
|Total equity||CHF7,834m (2009)|
Zurich Cantonal Bank (in 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 110 billion.
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.
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, 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.
With 103 outlets, ZKB is the largest network of branches in the canton of Zurich.
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. 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.
Notes and references
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