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Overview

 

Key figures (at 31 December 2023)

Close to CHF 4.7 billion
returned to shareholders since 2008

17.9%
CET1 ratio

Full-Year 2023 Revenues
CHF 1.16 billion

Full-Year 2023 Operating Profit
CHF 541 million

Full-Year 2023 Net Profit 
CHF 469 million

CHF 112.9 billion
in assets under management

1,982
Full-time-equivalent employees

AA
rating by S&P

Capital structure

Fully-integrated companies at 31 December 2023

 

 

Capital

(in millions)

Control

(%)

Banking interests

Piguet Galland & Cie SA, Yverdon-les-Bains

CHF

24.4

99.70

Financial and real-estate companies

Gérifonds SA, Lausanne

CHF

2.9

100.00

Gérifonds (Luxembourg) SA, Luxembourg

EUR

0.1

100.00

Sociétés pour la gestion de placement collectifs GEP SA, Lausanne

CHF

1.5

100.00

BCV’s strategy

Our business strategy is guided by our ultimate goal of creating value for shareholders, clients and employees. Our business model is that of a universal bank with solid local roots, and we believe that this is the best way to ensure profitable growth going forward. Our operations are focused on four core businesses – Retail Banking, Private Banking, Corporate Banking, and Trading – but we remain active in select niche activities offering significant growth and profitability potential. Our risk profile is moderate, and we take an active approach to equity capital management.

 

 

In 2019, we defined a new strategic phase that builds on those we have been implementing for more than ten years. This next phase aims to maintain the positive trend that the Bank’s business lines have been experiencing over the past few years. It is also designed to position the Bank to respond to the main challenges we will face in the coming years, such as heightened competition, persistently low interest rates, advancements in digital technology, and ever-changing customer needs.

For the business lines, we are targeting:

  • Above-market growth in asset management, SMEs, and onshore private banking;
  • At least market growth in retail banking;
  • A focus on the profitability of our commodities trade finance and large corporates businesses;
  • Continued development of our other business lines.

We have identified several strategic focus areas that will enable us to meet future challenges. These goals include:

  • Continuing to improve our service quality along the entire value chain to create an even better customer experience;
  • Enhancing our distribution channels (branches, digital services, and call centers) to give customers an integrated multichannel experience;
  • Capturing more of the cross-selling potential inherent in our universal bank business model;
  • Implementing operational improvements through targeted measures;
  • Increasing our attractiveness as an employer and fostering continuous skills development among our employees;
  • Sharpening our focus on corporate social responsibility (CSR) measures, including a wider range of sustainable banking products, socially responsible investment options, and mortgage solutions.

The Group aims to achieve sustainable growth, with revenues and operating profit trending along the same lines as in recent years. We are targeting a cost/income ratio of 55% to 57% and an ROE (based on current shareholders' equity) of 10% to 12%. We consider a CET1 ratio of 13% to be a minimum threshold.

In line with the approach adopted over the last 15 years, BCV decided in 2022 to extend its dividend policy for another five years. And in view of our record financial results in 2023, we also increased our dividend target range. Beginning with the 2023 reporting period, the Bank intends to pay an ordinary dividend of CHF 4.30 to 4.70 per share, barring significant changes in the economic or regulatory environment or in the Bank’s situation. 

BCV’s corporate mandate

Pursuant to Article 4 of the Cantonal Act Governing the Organization of Banque Cantonale Vaudoise (LBCV), our corporate mandate is to offer a comprehensive range of banking services to the Vaud community, to foster the development of all sectors of the Vaud economy, and to help finance the Canton’s public-sector organizations. Also, as part of our community focus, we provide mortgage financing in the Canton. The Act also stipulates that BCV is to be guided by the principles of economically, environmentally, and socially sustainable development. More generally, our mission is to create value for our shareholders and clients, be a benchmark employer, and be a good corporate citizen.

All banks talk about corporate values. At BCV, we live them. We believe that one of the keys to our long-term success is having a common culture built around our fundamental values and shared by all our employees. Our values underpin all our actions – as well as our interactions with customers and colleagues.

Core businesses

Retail Banking

We provide a full range of banking services targeted to the needs of students, households, and the retired. Our current accounts, savings accounts, mortgage loans, retirement accounts, and life and disability insurance are designed to help customers achieve their goals and plan for the future. And we finance one out of every three newly-built homes in Vaud.

Private Banking

Our Private Banking advisors draw on years of experience to help high-net-worth individuals manage their finances and investments for the long term. Our advisors also provide personalized advice on issues such as tax planning, estate planning, life insurance, and disability coverage.

Corporate Banking

With targeted services for companies big and small, we help enterprises grow within Vaud and around the world. Our services cover the entire business lifecycle from start-up through to succession.

Asset Management

We manage assets for public-sector institutions like
pension funds and foundations, investing their money in financial markets so as to generate solid returns.

Trading

We have our own trading room, which gives us greater independence in carrying out transactions. Investors and businesses can buy and sell stocks, bonds, and currencies through a BCV trader. We also offer a trading platform where customers – whether novice investors or seasoned hands – can buy and sell securities themselves.

Legal status

Banque Cantonale Vaudoise (BCV) was founded on 19 December 1845 by the Vaud Cantonal Parliament.

The Canton of Vaud is BCV’s majority shareholder, with 66.95% of the Bank’s share capital. BCV is listed in the Vaud Commercial Register and is subject to all applicable Swiss legislation. Its legal status is defined in the Cantonal Act Governing the Organization of Banque Cantonale Vaudoise (LBCV) of 20 June 1995, as amended on 25 June 2002, 30 January 2007 and 2 March 2010.

BCV’s commitments are not underwritten by the Canton. However, customer deposits are covered by a nationwide system of investor protection concerning Swiss banks and securities dealers. This system insures deposits of up to CHF 100,000 per person and per bank. 

Bank details

Banque Cantonale Vaudoise

Place St François 14

PO Box 300

1001 Lausanne

Switzerland

 

Phone: +41 21 212 10 00

Email: info@bcv.ch

 

CCP: 10-725-4

BIC / SWIFT: BCVLCH2LXXX

VAT / IDE: CHE-116.320.238 TVA

Clearing / CB: 767

GIIN: 6X567Y.00000.LE.756

LEI: K1MOBB3OPSBBQO554R76