Zurich Cantonal Bank

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Zurich Cantonal Bank
Zürcher Kantonalbank (ZKB)
Type Incorporated public-law institution
Industry Banking
Financial services
Founded 1870
Headquarters Bahnhofstrasse 9 Zurich
8010 Switzerland
Area served Canton of Zurich
Key people Urs Oberholzer, Chairman
(since 2003)
Martin Scholl, CEO
(since 2007)
Products Retail banking
Commercial banking
Investment banking
Investment management
Private Equity
Operating income CHF1,001m (2009)
Net income CHF751m (2009)
Total assets CHF117bn (2009)
Total equity CHF7,834m (2009)
Employees 4,825 (2009)[1]
Website zkb.ch

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.[2]

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,[3] 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.

Network[edit]

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 Gold ETF[edit]

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.[4] 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.[5]

Notes and references[edit]

See also[edit]