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Cooperative bucks the banking trend

The Raiffeisen cooperative bank group was among the winners of the financial crisis, with net profit climbing 14.4 per cent in 2009 to SFr645.4 million ($600 million).

The group announced on Friday it had also consolidated its share of the mortgage market, which increased by 9.1 per cent to SFr110.7 billion. This represented a market share of 15.2 per cent.

Total client assets under management rose by 8.1 per cent to SFr134.9 billion.

Raiffeisen chairman Pierin Vincenz said this growth did not come at the expense of security, something the bank said was greatly valued by its customers.

Reports surfaced in 2009 that the financial crisis had prompted many savers to start spreading their assets around different institutions to safeguard them. Raiffeisen, along with cantonal banks and the post office's banking arm, benefited from this trend.

swissinfo.ch and agencies


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