NOTENSTEIN ANNUAL REPORT 2013
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Transcript of NOTENSTEIN ANNUAL REPORT 2013
2013
Annual Report
Translation notice: this document is a translation of the German original which can be obtained from Notenstein Private Bank Ltd (“Notenstein”) at any time. While Notenstein makes every effort to ensure
translation accuracy, the German version prevails in the event of discrepancies in content or interpretation.
Contents
Introduction
Key figures
Organigram
Review of business results
Auditor’s report
Balance sheet
Income statement
Notes to the financial statements – explanatory notes on business activities
Notes to the financial statements – accounting and valuation principles
1. Information on the balance sheet
2. Information on off-balance-sheet transactions
3. Information on the income statement
Contact
Page 2
Page 4
Page 6
Page 8
Page 10
Page 12
Page 14
Page 17
Page 22
Page 28
Page 40
Page 43
Page 44
1
t o o u r c l i e n t S
t o o u r r e a d e r S
In the year under review we implemented numerous measures that will set the future course for our bank and
launched extensive growth initiatives. These include the strategic expansion of our two core businesses, Private
Banking Switzerland and Institutional Clients, and the targeting of selected markets in our Private Banking In-
ternational activities. We are assigning a greater strategic weighting to the asset management business, and have
established a new asset management division that is focused on sustainable investment solutions. Moreover, in
2013 we commenced issuing structured fi nancial products in cooperation with Raiffeisen Switzerland as guar-
antor and Leonteq AG as service provider. In this regard, we also entered a strategic partnership with Leonteq
which involves a substantial participation.
Notenstein Private Bank saw pleasing developments in assets under management last year. On balance, cli-
ent assets under management rose slightly to CHF 20 billion. Although there was a slight decline in assets from
clients with a foreign domicile, this was offset by solid growth in assets from clients domiciled in Switzerland. Our
new subsidiary, TCMG Asset Management Ltd, brought in CHF 6 billion in assets under management while our
other subsidiary, 1741 Asset Management, raised its contribution to well over CHF 2 billion thanks to benign
market developments and an increase in net new money.
Notenstein’s income from commissions and services, its core business, is in a solid trend and improved in the
second half of the year. This positive development should persist throughout 2014. On the other hand, the ongo -
ing challenges in market conditions weighed on interest operations and trading. Notenstein reported total net
profi t of CHF 17 million for 2013.
Market conditions in the private banking business remain highly challenging: the trend of steadily increasing
regulatory requirements and ongoing restructuring continues unbroken. Nonetheless, with the measures taken
last year, we are in the best position to emerge strongly from the structural change under way in the Swiss
banking industry.
d r p i e r i n v i n c e n Z
Chairman of the Board
Notenstein Private Bank Ltd
Introduction
d r p i e r i n v i n c e n Z
Chairman of the Board
d r a d r i a n k Ü n Z i
CEO
Notenstein Private Bank Ltd
2
Dr Pierin Vincenz (Chair of the Board of Directors) and Dr Adrian Künzi (CEO) in the cloister of the former St. Katharinen monastery, home to today’s Notenstein Academy.
3
Key figures
Amounts in CHF millions
NoteNsteiN at a glaNce
1.1. – 31.12.2013 1.1. – 30.6.2013 1.1. – 31.12.2012
Income statement
Gross revenue 148 73 183
Operating expenses 135 67 137
Gross profit 14 6 46
Cost income ratio in % 90.8 91.2 74.9
Balance sheet
Balance sheet total 4,324 4,037 3,872
Equity capital 395 341 357
Core capital ratio (tier I ratio) in % 13.8 12.5 19.6
Client assets
Assets under management (excluding subsidiaries) 19,782 19,196 19,638
Assets under management (including subsidiaries) 28,339 20,527 20,516
Resources
Number of staff 698 645 663
Number of full-time positions 628 572 588
Number of branches 12 12 13
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
4
5
Organigram
Board of directors
executive Board
Audit Committee
Corporate Development
Legal & Compliance
Risk Controlling
Communication
Auditors
Internal Audit
Private Banking
Switzerland
Eastern
Switzerland
Zurich/Central
Switzerland
North-Western
Switzerland
Western
Switzerland
Southern
Switzerland
Portfolio
Management
Macro & Invest-
ment Strategies
Institutional
Clients
Eastern
Switzerland
Zurich/Business
Development
Basel/Berne
Western
Switzerland
International
Consultant
Relations
Operating
Office
Asset
Management
PM Institutional
Clients
Sustainability
Research
Financial
Research
AM Risk and
Operations
Services
Operations
Products &
Trading
Business
Development
IT
IT Operations
Business
Systems
Finance
Finance and
Accounting
Credit
Reporting &
Controlling
Human
Resources
Private Banking
International
CIS
Germany
Latin America
South Africa
Other Markets
Ext. Asset
Managers
6
Board of directors
Dr Pierin Vincenz
Chair of the Board of Directors
Dr Patrik Gisel
Deputy-Chair of the Board of Directors, Member of the Audit Committee
Günter Haag *
President of the Audit Committee Heinz Karrer *
Maya Salzmann *
Member of the Audit Committee Thomas C. Weissmann *
* Independent members of the Board of Directors as defined by the provisions of the Swiss Financial Market Supervisory Authority (FINMA).
executive Board
Dr Adrian Künzi
Chief Executive Officer
Dr Ivan Adamovich
Head of Private Banking International
Dr Basil Heeb
Chief Financial Officer
Dr Silvio Hutterli
General Counsel
Tihomir Katulic
Chief Risk Officer
Andreas Knörzer
Head of Asset Management
Aris Prepoudis
Head of Institutional Clients
Patrick Revey
Head of Corporate Development
Martin Schenk
Head of Private Banking Switzerland
Christoph Schwalm
Chief Information Officer
Dr Hanspeter Wohlwend
Chief Operating Officer
7
S t r at e g i c r e p o S i t i o n i n g w e l l u n d e r way
In the year under review, Notenstein Private Bank
successfully completed an important phase of its stra-
tegic repositioning. The key areas of strategic focus
in 2013 were the expansion of the Institutional Clients
division, and the addition of a highly qualified Asset
Management division with an in-house research team
dedicated to sustainability. With this team, the bank
has already launched ten sustainable investment funds
and a certificate on stocks. Notenstein’s objective is to
number among Europe’s leading providers in sustain-
able investing. We think and act responsibly; for us, this
means considering not just economic and financial
factors, but also the social and environmental aspects
of asset management.
Notenstein has also invested in the Private Banking
division: while strengthening our branches in Switzer-
land, we also implemented a clear focus on selected tar-
get markets in Private Banking International.
Finally, in 2013 we began issuing our own structured
products with Raiffeisen Switzerland as guarantor and
Leonteq AG as service provider. This was a driving force
behind our decision to substantially increase our hold-
ing in Leonteq AG, Switzerland’s leading provider of
services related to structured financial products, to
22.75 percent.
g r o w t h i n i t i at i v e S ta k e o f f
These strategic steps were welcomed by the market.
We are off to a promising start as an issuer of our own
structured financial products, with well over 500 prod-
ucts already launched. The new funds are also attract-
ing investors. Finally, the TCMG Asset Management
holding was successfully integrated and initial acquisi-
tions concluded.
The investments and growth initiatives expanded
Notenstein’s balance sheet to CHF 4.3 billion. The
tier 1 ratio stands at 14 percent. Even after financing
these investments, Notenstein still enjoys a comfort-
able capital base.
Moreover, despite the numerous growth initia-
tives, the cost structure has not changed year-on-year;
a fact that highlights Notenstein’s discipline. Costs
amounted to CHF 135 million in 2013 in comparison
to CHF 137 million in 2012. We consider the optimi-
sation of processes and infrastructure as an ongoing
duty that we will continue to perform as required.
a S S e t S u n d e r m a n a g e m e n t S l i g h t ly h i g h e r
Client assets under management at Notenstein Private
Bank rose slightly compared to the previous year to
CHF 20 billion. Although the streamlining of our Eu-
ropean clients resulted in a mild decline in assets un-
der management for this segment, this was offset by
steady growth in other client segments, which is par-
ticularly pleasing considering the challenging market
environment. We see this as confirmation of Noten-
stein’s ongoing appeal as the “most Swiss” of Switzer-
land’s private banks.
Assets under management by Notenstein’s subsid-
iaries also rose, thanks to acquisitions, new money in-
flows and market performance. Integrating asset man-
agement boutiques into TCMG Asset Management
AG brought CHF 6 billion onto Notenstein’s balance
sheet. Moreover, assets under management by subsid-
iary 1741 Asset Management Ltd rose to CHF 2.5 bil-
lion, which represents a 30 percent increase compared
to 2012. Together with its asset management subsidiar-
ies, Notenstein thus reports CHF 28 billion in total as-
sets under management.
Review of business results
8
i m p r o v e d i n c o m e i n c o r e b u S i n e S S
Notenstein’s income position is solid; income im-
proved in its core business in the second half of 2013
and should continue to increase in the year to come
as the growth initiatives develop. In the second half
of the year, besides increasing assets under manage-
ment, we also raised the profit margin; as a result, com-
mission income rose to CHF 101 million, a modest
year-on-year improvement.
On the other hand, interest operations and trading
activities both suffered from persistently low interest
rates and uncertainties in the bond markets. As a con-
sequence, the result from interest operations declined
to CHF 28 million while the result from trading ac-
tivities decreased to CHF 13 million. Despite a 2 per-
cent reduction in operating expenses, the cost-income
ratio amounts to 91 percent and is likely to remain
high for the next two to three years, given the bank’s
long-term-oriented investments. However, with these
strategic investments in its core business, Notenstein
is well equipped to meet the challenges ahead.
9
Auditor’s report
1
Report of the statutory auditor to the General Meeting of Notenstein Private Bank Ltd St. Gallen
Report of the statutory auditor on the financial statements
As statutory auditor, we have audited the financial statements of Notenstein Private Bank Ltd, which comprise the balance sheet, income statement and notes (pages 12 to 43) for the year ended 31 De-cember 2013.
Board of Directors’ Responsibility
The Board of Directors is responsible for the preparation of the financial statements in accordance with the requirements of Swiss law and the company’s articles of incorporation. This responsibility includes designing, implementing and maintaining an internal control system relevant to the prepara-tion of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible for selecting and applying appropriate accounting poli-cies and making accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We con-ducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appro-priate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the account-ing policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
PricewaterhouseCoopers AG, Birchstrasse 160, Postfach, 8050 Zürich Telephone: +41 58 792 44 00, facsimile: +41 58 792 44 10, www.pwc.ch PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity.
Bericht der Revisionsstelle an die Generalversammlung der Notenstein Privatbank AG St. Gallen
Bericht der Revisionsstelle zur Jahresrechnung
Als Revisionsstelle haben wir die Jahresrechnung der Notenstein Privatbank AG, bestehend aus Bi-lanz, Erfolgsrechnung und Anhang (Seiten 12 bis 43), für das am 31. Dezember 2013 abgeschlossene Geschäftsjahr geprüft.
Verantwortung des Verwaltungsrats
Der Verwaltungsrat ist für die Aufstellung der Jahresrechnung in Übereinstimmung mit den gesetzli-chen Vorschriften und den Statuten verantwortlich. Diese Verantwortung beinhaltet die Ausgestal-tung, Implementierung und Aufrechterhaltung eines internen Kontrollsystems mit Bezug auf die Aufstellung einer Jahresrechnung, die frei von wesentlichen falschen Angaben als Folge von Verstös-sen oder Irrtümern ist. Darüber hinaus ist der Verwaltungsrat für die Auswahl und die Anwendung sachgemässer Rechnungslegungsmethoden sowie die Vornahme angemessener Schätzungen verant-wortlich.
Verantwortung der Revisionsstelle
Unsere Verantwortung ist es, aufgrund unserer Prüfung ein Prüfungsurteil über die Jahresrechnung abzugeben. Wir haben unsere Prüfung in Übereinstimmung mit dem schweizerischen Gesetz und den Schweizer Prüfungsstandards vorgenommen. Nach diesen Standards haben wir die Prüfung so zu planen und durchzuführen, dass wir hinreichende Sicherheit gewinnen, ob die Jahresrechnung frei von wesentlichen falschen Angaben ist.
Eine Prüfung beinhaltet die Durchführung von Prüfungshandlungen zur Erlangung von Prüfungs-nachweisen für die in der Jahresrechnung enthaltenen Wertansätze und sonstigen Angaben. Die Auswahl der Prüfungshandlungen liegt im pflichtgemässen Ermessen des Prüfers. Dies schliesst eine Beurteilung der Risiken wesentlicher falscher Angaben in der Jahresrechnung als Folge von Verstös-sen oder Irrtümern ein. Bei der Beurteilung dieser Risiken berücksichtigt der Prüfer das interne Kon-trollsystem, soweit es für die Aufstellung der Jahresrechnung von Bedeutung ist, um die den Umstän-den entsprechenden Prüfungshandlungen festzulegen, nicht aber um ein Prüfungsurteil über die Wirksamkeit des internen Kontrollsystems abzugeben. Die Prüfung umfasst zudem die Beurteilung der Angemessenheit der angewandten Rechnungslegungsmethoden, der Plausibilität der vorgenom-
PricewaterhouseCoopers AG, Birchstrasse 160, Postfach, 8050 Zürich Telefon: +41 58 792 44 00, Telefax: +41 58 792 44 10, www.pwc.ch PricewaterhouseCoopers AG ist Mitglied eines globalen Netzwerks von rechtlich selbständigen und voneinander unabhängigen Gesellschaften.
1
Report of the statutory auditor to the General Meeting of Notenstein Private Bank Ltd St. Gallen
Report of the statutory auditor on the financial statements
As statutory auditor, we have audited the financial statements of Notenstein Private Bank Ltd, which comprise the balance sheet, income statement and notes (pages 12 to 43) for the year ended 31 De-cember 2013.
Board of Directors’ Responsibility
The Board of Directors is responsible for the preparation of the financial statements in accordance with the requirements of Swiss law and the company’s articles of incorporation. This responsibility includes designing, implementing and maintaining an internal control system relevant to the prepara-tion of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible for selecting and applying appropriate accounting poli-cies and making accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We con-ducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appro-priate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the account-ing policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
PricewaterhouseCoopers AG, Birchstrasse 160, Postfach, 8050 Zürich Telephone: +41 58 792 44 00, facsimile: +41 58 792 44 10, www.pwc.ch PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity.
10
2
Opinion
In our opinion, the financial statements for the year ended 31 December 2013 comply with Swiss law and the company’s articles of incorporation.
Report on other legal requirements
We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence (art. 728 CO and art. 11 AOA) and that there are no circumstances incompat-ible with our independence.
In accordance with art. 728a para. 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists which has been designed for the preparation of financial statements according to the instructions of the Board of Directors.
We further confirm that the proposed appropriation of available earnings complies with Swiss law and the company’s articles of incorporation. We recommend that the financial statements submitted to you be approved.
PricewaterhouseCoopers AG Roman Berlinger Armin Müller Audit expert Audit expert Auditor in charge Zurich, 25 February 2014
Bericht der Revisionsstelle an die Generalversammlung der Notenstein Privatbank AG St. Gallen
Bericht der Revisionsstelle zur Jahresrechnung
Als Revisionsstelle haben wir die Jahresrechnung der Notenstein Privatbank AG, bestehend aus Bi-lanz, Erfolgsrechnung und Anhang (Seiten 12 bis 43), für das am 31. Dezember 2013 abgeschlossene Geschäftsjahr geprüft.
Verantwortung des Verwaltungsrats
Der Verwaltungsrat ist für die Aufstellung der Jahresrechnung in Übereinstimmung mit den gesetzli-chen Vorschriften und den Statuten verantwortlich. Diese Verantwortung beinhaltet die Ausgestal-tung, Implementierung und Aufrechterhaltung eines internen Kontrollsystems mit Bezug auf die Aufstellung einer Jahresrechnung, die frei von wesentlichen falschen Angaben als Folge von Verstös-sen oder Irrtümern ist. Darüber hinaus ist der Verwaltungsrat für die Auswahl und die Anwendung sachgemässer Rechnungslegungsmethoden sowie die Vornahme angemessener Schätzungen verant-wortlich.
Verantwortung der Revisionsstelle
Unsere Verantwortung ist es, aufgrund unserer Prüfung ein Prüfungsurteil über die Jahresrechnung abzugeben. Wir haben unsere Prüfung in Übereinstimmung mit dem schweizerischen Gesetz und den Schweizer Prüfungsstandards vorgenommen. Nach diesen Standards haben wir die Prüfung so zu planen und durchzuführen, dass wir hinreichende Sicherheit gewinnen, ob die Jahresrechnung frei von wesentlichen falschen Angaben ist.
Eine Prüfung beinhaltet die Durchführung von Prüfungshandlungen zur Erlangung von Prüfungs-nachweisen für die in der Jahresrechnung enthaltenen Wertansätze und sonstigen Angaben. Die Auswahl der Prüfungshandlungen liegt im pflichtgemässen Ermessen des Prüfers. Dies schliesst eine Beurteilung der Risiken wesentlicher falscher Angaben in der Jahresrechnung als Folge von Verstös-sen oder Irrtümern ein. Bei der Beurteilung dieser Risiken berücksichtigt der Prüfer das interne Kon-trollsystem, soweit es für die Aufstellung der Jahresrechnung von Bedeutung ist, um die den Umstän-den entsprechenden Prüfungshandlungen festzulegen, nicht aber um ein Prüfungsurteil über die Wirksamkeit des internen Kontrollsystems abzugeben. Die Prüfung umfasst zudem die Beurteilung der Angemessenheit der angewandten Rechnungslegungsmethoden, der Plausibilität der vorgenom-
PricewaterhouseCoopers AG, Birchstrasse 160, Postfach, 8050 Zürich Telefon: +41 58 792 44 00, Telefax: +41 58 792 44 10, www.pwc.ch PricewaterhouseCoopers AG ist Mitglied eines globalen Netzwerks von rechtlich selbständigen und voneinander unabhängigen Gesellschaften.
Roman Berlinger Armin Müller Roman Berlinger Armin Müller
1
Report of the statutory auditor to the General Meeting of Notenstein Private Bank Ltd St. Gallen
Report of the statutory auditor on the financial statements
As statutory auditor, we have audited the financial statements of Notenstein Private Bank Ltd, which comprise the balance sheet, income statement and notes (pages 12 to 43) for the year ended 31 De-cember 2013.
Board of Directors’ Responsibility
The Board of Directors is responsible for the preparation of the financial statements in accordance with the requirements of Swiss law and the company’s articles of incorporation. This responsibility includes designing, implementing and maintaining an internal control system relevant to the prepara-tion of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible for selecting and applying appropriate accounting poli-cies and making accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We con-ducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appro-priate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the account-ing policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
PricewaterhouseCoopers AG, Birchstrasse 160, Postfach, 8050 Zürich Telephone: +41 58 792 44 00, facsimile: +41 58 792 44 10, www.pwc.ch PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity.
11
assets
Before appropriation of profit
31.12.2013 Previous year
Liquid assets 359,015,898 408,341,152
Amounts due from money-market instruments 318,931,990 68,300,000
Amounts due from banks 2,049,688,900 2,039,452,465
Amounts due from customers 129,444,316 148,023,049
Mortgage loans 387,965,000 343,598,000
Trading portfolios of securities and precious metals 197,480,697 184,548,778
Financial investments 629,286,113 543,107,913
Participating interests 104,930,061 20,547,885
Tangible fixed assets 48,245,566 47,593,259
Accrued income and prepaid expenses 22,009,975 11,727,522
Other assets 76,790,405 56,942,060
Total assets 4,323,788,919 3,872,182,083
Total amounts due from group companies and holders of qualified participations 912,637,321 401,122,067
liaBilities
Before appropriation of profit
31.12.2013 Previous year
Liabilities from money-market instruments 83,662,247 –
Amounts due to banks 202,476,391 148,008,101
Amounts due to customers in savings or deposit accounts 2,490,768,026 2,417,198,188
Other amounts due to customers 713,297,405 891,770,603
Bond issues and central mortgage institution loans 338,554,163 –
Accrued expenses and deferred income 16,078,072 18,391,532
Other liabilities 58,664,568 19,152,593
Value adjustments and provisions 25,154,219 20,600,000
Reserves for general banking risks 176,000,000 176,000,000
Bank’s capital 22,200,000 20,000,000
Share capital 20,000,000 20,000,000
participation capital 2,200,000 –
General legal reserves 57,198,166 137,300,000
capital contribution reserves 18,260,000 137,300,000
capital contribution reserves (participation capital) 38,938,166 –
Other reserves 119,040,000 –
continued on page 13
Balance sheet
Amounts in CHF
Amounts in CHF
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
12
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
off-BalaNce-sheet traNsactioNs
Before appropriation of profit
31.12.2013 Previous year
Contingent liabilities 14,740,159 90,036,396
Irrevocable commitments 21,077,440 20,867,260
Liabilities for calls on shares and other equities n. a. n. a.
Commitment credits n. a. n. a.
Derivative financial instruments
Positive replacement values 50,867,170 8,975,386
Negative replacement values 50,476,329 9,155,765
Contract volumes 1,686,236,610 961,579,582
Fiduciary transactions 301,988,855 280,714,963
31.12.2013 Previous year
Profit/loss carried forward 3,761,066 –6,077,889
Profit/loss for the year 16,934,598 29,838,955
Total liabilities 4,323,788,919 3,872,182,083
Total amounts due to group companies and holders of qualified participations 12,210,805 37,827,948
Amounts in CHF
Before appropriation of profit
13
iNcome aNd expeNses from ordiNary BaNkiNg operatioNs
Before appropriation of profit
2013 Previous year
Result from interest operations
Interest and discount income 17,484,910 23,148,332
Interest and dividend income from trading positions 4,740,072 5,529,372
Interest and dividend income from financial investments 7,583,188 10,419,360
Interest expense –1,898,463 –2,370,656
Subtotal for interest operations 27,909,707 36,726,408
Result from commission business and services
Commission income from lending activities 67,061 100,739
Commission income from securities trading and investment activities 112,505,818 115,001,123
Commission income from other services 539,765 604,979
Commission expense –11,795,351 –15,792,021
Subtotal for commission business and services 101,317,294 99,914,820
Result from trading activities 12,781,001 35,567,952
Other result from ordinary activities
Result from the disposal of financial investments 476,305 5,124,259
Income from participating interests 3,195,524 69,151
Result from real estate 55,838 2,360
Other ordinary income 4,745,551 6,796,853
Other ordinary expenses –2,328,852 –929,570
Subtotal other result from ordinary activities 6,144,365 11,063,053
Operating expenses
Personnel expenses –92,033,827 –93,840,343
General and administrative expenses –42,501,867 –43,453,891
Subtotal operating expenses –134,535,694 –137,294,233
Gross profit 13,616,673 45,978,000
Income statement
Amounts in CHF
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
14
proposed appropriatioN of profit
2013 Previous year
Profit for the year 16,934,598 29,838,955
Profit carried forward 3,761,066 –6,077,889
Distributable profit 20,695,664 23,761,066
Appropriation of profit
Distributions to the bank’s capital –16,000,000 –20,000,000
Profit carried forward 4,695,664 3,761,066
profit for the year
Before appropriation of profit
2013 Previous year
Profit for the year
Gross profit 13,616,673 45,978,000
Depreciation and amortisation of fixed assets –2,131,608 –985,645
Value adjustments, provisions and losses –7,104,448 –13,252,596
Result before extraordinary items and taxes 4,380,616 31,739,758
Extraordinary income 12,460,804 58,000
Extraordinary expenses – –
Taxes 93,178 –1,958,804
Profit for the year 16,934,598 29,838,955
Amounts in CHF
Amounts in CHF
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
15
16
g e n e r a l
Notenstein Private Bank Ltd, a 100% subsidiary of
Raiffeisen Switzerland, specialises in wealth manage-
ment for private and institutional clients. It is head-
quartered in St. Gallen and has 12 branches through-
out Switzerland. Notenstein focuses primarily on its
two core businesses, Swiss private clients and institu-
tional clients, and aims to achieve significant growth
in these units in the coming years. The bank thus made
target investments in these core areas in 2013, and
also established a new Asset Management division
whose investment funds are based on the principles
of sustainability. Through its subsidiaries TCMG Asset
Management AG and 1741 Asset Management Ltd,
Notenstein can offer its clients access to a high level
of competence in the area of quantitative investment
strategies.
Since March 2013, Notenstein Private Bank has
been issuing a broad range of structured investment
products in cooperation with Raiffeisen Switzerland
as guarantor and Leonteq AG as service provider.
Notenstein also strengthened its strategic partnership
with Leonteq by taking on a participation in the firm
of 22.75 percent.
b u S i n e S S d i v i S i o n S
The bank’s main activities fall into the following
categories:
– Wealth management for private and institutional
clients
– Investment advisory services for private and
institutional clients
– Securities and currency trading
– Support services for external asset managers
– Issuing structured products
– Lending activities associated with private
banking
More than two-thirds of the bank’s clients are dom-
iciled in Switzerland. Services to foreign clients are
concentrated in selected target markets.
c o m m i S S i o n a n d S e r v i c e S b u S i n e S S
Our core activities in the commission and services
business fall under wealth management and advisory
services. Other components of our services business
include revenues from issuing structured products,
support for external asset managers and insourcing
provided to other banks.
t r a d i n g
Notenstein offers its clients execution and settlement
of all standard bank trading transactions. Moreover,
Notenstein trades on its own account with the usual fi-
nancial instruments. Proprietary debt trading mainly in-
volves bonds from first-class issuers, while equity trad-
ing principally involves Swiss and European shares.
The bank trades in foreign currencies on its own ac-
count mainly to ensure the smooth functioning of its
business activities. Such trading is limited to currencies
for which there is a liquid market.
l e n d i n g a c t i v i t i e S
Notenstein adheres to a restrictive credit policy, pro-
viding lombard loans against collateral of liquid securi-
ties in diversified portfolios. Accordingly, loan-to-value
ratios are conservative so as to minimise default risk.
Notenstein does not conduct its own mortgage busi-
ness, but does provide mortgage financing to major cli-
ents in the wealth management and investment advi-
sory services segment and Notenstein staff members.
Notes to the financial statementsExplanatory notes on business activities
17
The reported mortgage loans are secured exclusively
by Swiss real estate.
r i S k a S S e S S m e n t
A considered and careful approach to risk is key to
Notenstein’s long-term success. Notenstein aims for
comprehensive risk management both for the bank
and its clients. Risk management is based on a risk
policy determined and periodically reviewed by the
Board of Directors. During the review, the board
also defines the bank’s risk capacity and defines over-
all limits.
The board monitors both the risk situation and
changes in risk-bearing capital on a quarterly basis,
based on a comprehensive risk report. This report
provides information on the risk situation, capitalisa-
tion, adherence to overall limits and any measures
necessary.
The Risk Controlling department provides in-
dependent oversight of the bank’s risk exposure. It
establishes and implements appropriate risk control
systems and provides the necessary information to
set risk policy and risk limits. The risk assessment pro-
cess focuses on operational risk, market and credit
risk in bank and trading operations, as well as liquid-
ity risk.
r i S k m a n a g e m e n t
The Board of Directors bears ultimate responsibility
for risk in its capacity of executive management, over-
sight and control. The board defines the bank’s risk ca-
pacity and, based on this assessment, sets the bank’s
risk policy. This specifies the overall limits per risk cat-
egory and business activity and sets standards for risk
management and risk control processes.
The Board of Directors is responsible for establishing,
monitoring and regularly reviewing suitable internal
controls based on documented, systematic risk analy-
sis that is adapted to the size, complexity, structure and
risk profile of the bank. The board ensures that all sig-
nificant risks within the bank are identified, limited
and monitored.
The Executive Board is responsible for implement-
ing the risk policy set by the Board of Directors, setting
standards for risk management and risk control pro-
cesses and applying the board’s recommendations to
each risk category and business activity.
Risk management entails a systematic process with
several steps: identification, measurement and assess-
ment, management and monitoring. Risk management
guidelines and fundamentals are periodically reviewed
for their suitability and effectiveness, and adjusted as
necessary.
m a r k e t r i S k
Market risk is the risk that losses may be incurred due
to changes in the market price of positions held.
Market risk is assessed using methodologies such as
value at risk models, nominal exposure and sensitivity,
as well as stress tests and interest-rate sensitivity under
normal and stress scenarios. The bank manages its own
market risk within limits defined by the Board of Direc-
tors, and the executive board then draws up investment
guidelines within these limits. The Risk Controlling de-
partment monitors market risk.
For the purposes of managing its own holdings,
Notenstein has positions in derivative instruments on
its own account, but undertakes no trading in markets
with limited liquidity.
Notes to the financial statements – explanatory notes on business activities18
c r e d i t r i S k
Credit risk is the risk that losses may be incurred when
clients or other counterparties cannot fulfil their con-
tractually agreed payment obligations.
Notenstein limits its credit risk by requiring ap-
proval of counterparties in the interbank market and
of indirect counterparties (brokers, clearing agents and
depositories). Credit risk is measured and evaluated ac-
cording to appropriate and established procedures. The
risk measurement process and the applicable parame-
ters are binding. Credit risks are measured according to
value at risk. The Board of Directors sets counterparty
risk limits for the bank as a whole and for individual
business units, while the Executive Board formulates
individual limits and investment guidelines. Risk man-
agement involves careful selection and detailed finan-
cial evaluation of counterparties as well as prudence in
structuring business transactions and close monitoring.
The Risk Controlling department is responsible for the
monitoring of credit risks.
Credit is extended in cases where top quality col-
lateral is available and easily realisable, or against do-
mestic real estate. Unsecured loans or loans secured
by collateral that is not readily realisable are approved
in exceptional cases, if justified.
l i Q u i d i t y r i S k
Liquidity risk is the risk that the bank will not be able
to fulfil its payment obligations.
Liquidity risk is measured, managed and monitored
by observing generally accepted ratios. The treasury de-
partment manages the bank’s liquidity. The Board of
Directors sets the appropriate overall limits and Noten-
stein continuously monitors its exposure to liquidity
risk.
Notenstein maintains high levels of liquidity that con-
siderably exceed the minimum requirements as de-
fined by the Swiss Financial Market Supervisory Au-
thority (FINMA).
o p e r at i o n a l r i S k
Operational risk is the risk of financial losses, non-
compliance or damage to reputation stemming from
inappropriate or faulty internal processes, staff mem-
bers, IT systems, buildings and facilities, or as a result
of external incidents or the actions of third parties.
Risks are assessed according to the existing meas-
ures to reduce risk and the criteria defined by the Exec-
utive Board. Avoidance or reduction of operational risk
is primarily the responsibility of the unit where such
risks originate. Risk management also entails defining
and implementing controls, with an appropriate bal-
ance between the anticipated risk-reducing effects of
a measure and its cost. The most critical processes are
identified and their continuation ensured with emer-
gency and contingency plans.
Notenstein has an internal regulatory framework
as well as an extensive system of controls to limit and
monitor operational risk.
o u t S o u r c i n g
In connection with its activities as an issuer of struc-
tured products, Notenstein Private Bank Ltd entered
an outsourcing agreement with Leonteq Securities AG.
To facilitate the issue of Notenstein financial products,
Leonteq Securities AG undertakes tasks related to the
structuring, execution, documentation and distribution
of the instruments. In addition, Leonteq Securities AG
takes on the management of derivative risks and at-
tends to the life cycle management of the products.
19
e m p lo y e e S
At the end of 2013, Notenstein employed 698 staff
(previous year: 663). Adjusted for part-time employ-
ees, the figure corresponds to 628 full-time employ-
ees (previous year: 588).
Notes to the financial statements – explanatory notes on business activities20
21
g e n e r a l p r i n c i p l e S
The book-keeping, accounting and valuation princi-
ples are based on the provisions stipulated by the Swiss
Code of Obligations (CO) and banking legislation, and
on other statutory provisions together with the Guide-
lines issued by FINMA (the Swiss Financial Market Su-
pervisory Authority).
Raiffeisen Switzerland, Notenstein’s parent com-
pany, publishes the consolidated annual financial state-
ment of the Raiffeisen Group in a separate annual re-
port. Unlike statements prepared in accordance with
the “true and fair view” principle, the individual finan-
cial statement may be influenced by hidden reserves.
c o n S o l i d at i o n
Notenstein is fully consolidated with its subsidiary
companies, 1741 Asset Management Ltd and TCMG
AG, within the Raiffeisen Group.
r e c o r d i n g o f b u S i n e S S t r a n S a c t i o n S
All transactions concluded as of the balance sheet
date are recorded on a day-end basis and are valued
on the balance sheet and the income statement in ac-
cordance with the defined valuation principles. Spot
transactions entered into but not yet settled are rec-
ognised according to the trade date accounting prin-
ciple.
f o r e i g n c u r r e n c i e S
Receivables and liabilities as well as cash and cash
equivalents in foreign currencies are translated at the
rate prevailing on the balance sheet date. Price gains
and losses resulting from such valuations are recog-
nised in the “results from trading activities” position.
Transactions in foreign currencies during the year are
translated using the rate prevailing at the time of such
transactions.
The main foreign currencies for balance sheet pur-
poses were translated at the following rates on the bal-
ance sheet date:
Currency 31.12.13 31.12.12
EUR 1.226 1.206
GBP 1.475 1.488
USD 0.891 0.915
l i Q u i d a S S e t S , a m o u n t S d u e a r i S i n g f r o m
m o n e y - m a r k e t i n S t r u m e n t S , d e p o S i t S
These items are recognised on the balance sheet at
nominal or acquisition value. As yet unearned discounts
on money-market instruments, and premiums and dis-
counts on own borrowings, are allocated over the term
of the instrument.
a m o u n t S d u e f r o m b a n k S a n d c u S t o m e r S ,
m o r t g a g e lo a n S
These items are recognised on the balance sheet at
nominal value. Proper accrual is applied in respect of
interest income. Receivables in cases where the bank
considers it unlikely that the debtor will be able to
meet its contractual obligations in full are deemed to
be impaired. Impaired receivables and collateral (if
any) are valued at liquidation value.
Individual value adjustments are applied for im-
paired receivables. Such adjustments are based on
regular analyses of the individual credit exposures,
taking account of the debtor’s creditworthiness and/
or the counterparty risk, as well as the estimated net
liquidation value of the collateral. Where the recov-
ery of the receivable is dependent exclusively on the
Notes to the financial statementsAccounting and valuation principles
22
liquidation proceeds value of the collateral, an allow-
ance must be established to cover the unsecured por-
tion in full.
Interest and relevant commissions due for more
than 90 days are deemed to be overdue. In the case
of overdrafts, interest and commissions are consid-
ered overdue where the assigned overdraft limit has
been exceeded for more than 90 days. Receivables
are derecognised at the point when a legal title con-
firms the conclusion of the liquidation process, if not
before.
Impaired claims are again rated as fully recover-
able (i.e. the value adjustment is released) when the
outstanding capital sums and interest are again paid
promptly as per contractual agreements, and other
creditworthiness criteria are met.
All value adjustments are reported in the “value
adjustments and provisions” position.
S e c u r i t i e S l e n d i n g a n d b o r r o w i n g
t r a n S a c t i o n S
Securities lending and borrowing transactions are re-
ported at the value of the cash collateral received or
given, including accumulated interest.
Borrowed securities or securities obtained as collat-
eral are recognised on the balance sheet only if Noten-
stein gains control over the contractual rights which
these securities contain. Securities lent or provided as
collateral are taken off the balance sheet only if Noten-
stein loses the contractual rights associated with these
securities. The market values of the securities borrowed
and lent are monitored on a daily basis so that addi-
tional collateral may be provided or requested as nec-
essary.
Fees received or paid in respect of securities
borrowing and lending transactions are recorded as
commission income or commission expense in the
corresponding periods. Notenstein does not engage
in securities lending with instruments held in clients’
safekeeping accounts.
r e p u r c h a S e a n d r e v e r S e r e p u r c h a S e
t r a n S a c t i o n S
Purchases of securities subject to an obligation to resell
(reverse repurchase transactions) and sales of securi-
ties subject to an obligation to repurchase (repurchase
transactions) are treated as collateralised financing
transactions and are recognised at the value of the cash
collateral received or given, including accumulated in-
terest.
Securities received and delivered are not recog-
nised or derecognised on the balance sheet unless con-
trol of the contractual rights contained in such securi-
ties is relinquished. The market values of the securities
received or delivered are monitored on a daily basis so
that additional collateral may be provided or requested
as necessary.
Interest income from reverse repurchase trans-
actions and interest expense arising from repurchase
transactions is accrued in the corresponding periods
over the terms of the underlying transactions.
t r a d i n g p o r t f o l i o S o f S e c u r i t i e S a n d
p r e c i o u S m e ta l S
Trading portfolios are valued at fair value. Positions for
which there is no representative market are valued ac-
cording to the lower of cost or market principle. Gains
and losses resulting from this valuation, and gains and
losses realised during the period, are recognised as “re-
sult from trading activities”. Interest on and dividends
23
from trading positions are booked as “interest and divi-
dend income from trading positions”, under the “result
from interest operations” position.
Precious metal positions are valued at the market
values prevailing on the balance sheet date. If, in ex-
ceptional cases, no fair value is available, they are val-
ued according to the lower of cost or market principle.
f i n a n c i a l i n v e S t m e n t S
Investments outside of the trading portfolio are valued
according to the lower of cost or market principle. A
monthly market valuation is carried out, and the gains
or losses in value are booked as appropriate on the in-
come statement, in the “other ordinary expenses” or
“other ordinary income” positions.
Real estate and participating interests assumed
from lending activities and designated for resale are
recognised under financial investments and are val-
ued according to the lower of cost or market princi-
ple. The lower value is deemed to be the lower of ac-
quisition cost and liquidation value.
pa r t i c i pat i n g i n t e r e S t S
All equities and other securities in companies held with
the intention of long-term investment, regardless of
the proportion of voting shares, are recognised as par-
ticipating interests. All participating interests in com-
munal facilities and institutions are also recognised on
the balance sheet in this position. The valuation is ef-
fected in accordance with the acquisition value prin-
ciple, i.e. at purchase cost minus any writedowns re-
quired for operational purposes. Participating interests
may include hidden reserves.
ta n g i b l e f i X e d a S S e t S
Tangible fixed assets are recognised at acquisition cost
plus any investment that increases the value of the as-
set, and are depreciated using the straight-line method
over their estimated useful life as follows:
Real estate Maximum: 66 years
Conversions of and installations in rented
premises Maximum: 15 years
Software, IT hardware Maximum: 3 years
Furnishings and fittings Maximum: 8 years
Other tangible fixed assets Maximum: 5 years
Minor investments are booked directly through busi-
ness expenditure. Comprehensive renovations which
increase the value of the property are capitalised,
whereas maintenance and repairs are reported as ex-
penses.
Tangible fixed assets may include hidden reserves.
Properties and assets under construction are depreciated
only as from the date when they are brought into use.
Tangible fixed assets are reviewed for impairment
losses whenever events or changes in circumstances
suggest that the carrying amount may not be recover-
able. Any impairment losses are recognised in the in-
come statement, under the “depreciation and amortisa-
tion of fixed assets” position. If the impairment review
of a tangible fixed asset reveals a change in useful life,
the residual book value is then depreciated as planned
over the revised useful life of the asset.
p e n S i o n b e n e f i t o b l i g at i o n S
The pension fund for Notenstein employees is accom-
modated within a specific foundation for this purpose –
“Katharinen Pensionskasse I”. The bank pays the costs
Notes to the financial statements – Accounting and valuation principles24
of occupational pension provision for all employees
and their survivors in accordance with statutory provi-
sions. The defined contribution system is in place. The
organisation, management and financing of the pension
plans is based on the statutory provisions, the founda-
tion deed and the pension rules that are in force. The
employer’s contributions are booked to personnel ex-
penses.
The “Katharinen Pensionskasse II”, a supplemen-
tary, partially autonomous extra-mandatory pension
fund, was set up in 2009. This enables individual in-
vestment of that portion of the annual salary which
is to be insured on an extra-mandatory basis, with no
need to take account of a minimum interest rate. As
well as generating new options for purchase of ben-
efits, this gives insured persons the choice of a lump-
sum payment or an annuity on retirement.
Determination of the actual economic effects of
pension benefit obligations is based on the annual fi-
nancial statements of the employee benefit institutions,
which are drawn up in compliance with Swiss GAAP
FER 26. An assessment is made as to whether any un-
derfunding or overfunding of the pension funds could
entail economic risks or benefits from the bank’s view-
point.
Any economic benefit, or any employer’s contri-
bution reserves in existence, are not capitalised; how-
ever, provisions for economic risks are included on
the balance sheet.
va lu e a d J u S t m e n t S a n d p r o v i S i o n S
For all identifiable risks existing at the balance sheet
date, individual value adjustments and provisions are
established on a prudent basis. The other provisions
may include hidden reserves.
r e S e r v e S f o r g e n e r a l b a n k i n g r i S k S
Reserves may be formed for general banking risks.
These are prudent reserves formed in accordance with
the accounting rules, which are established to cover
latent risks in the operating activities of the bank. Pur-
suant to article 18, letter b of the Swiss Capital Ade-
quacy Ordinance (CAO), such reserves are counted
as capital and are not taxed (see the appended table:
“value adjustments and provisions”).
c o n t i n g e n t l i a b i l i t i e S , i r r e v o c a b l e
c o m m i t m e n t S , l i a b i l i t i e S f o r c a l l S o n
S h a r e S a n d o t h e r e Q u i t i e S
These items are recognised as off-balance-sheet trans-
actions at nominal value. Provisions are formed for
foreseeable risks.
d e r i vat i v e f i n a n c i a l i n S t r u m e n t S
All derivative financial instruments are valued at fair
value (except for derivatives used in connection with
hedging transactions). Such instruments are recognised
under “other assets” or “other liabilities” with positive
or negative replacement values. The fair value is based
on market prices, price quotations from brokers, and on
discounted cashflow and option price models. For trans-
actions involving derivative financial instruments en-
tered into for trading purposes, the income realised is
booked under “result from trading activities”.
The bank also uses derivative financial instru-
ments in connection with asset and liability manage-
ment in order to control interest rate change risks.
S t r u c t u r e d p r o d u c t S i S S u e d b y n o t e n S t e i n
Where structured products issued by Notenstein com-
prise a debt instrument, the derivative component is
25
separated from the basic contract, and valued and rec-
ognised separately. Debt instruments (basic contracts)
with an original term to maturity of less than 1 year are
recognised under “liabilities from money-market in-
struments” and those exceeding 1 year under “bond is-
sues and central mortgage institution loans” at nominal
value. Premiums and discounts are posted under the
positions “accrued expenses and deferred income” and
“accrued income and prepaid expenses” and realised
over the remaining maturity against interest income.
Notenstein structured products without a debt
instrument and derivative components of structured
products are recognised as positive or negative re-
placement values in the positions “other assets” and
“other liabilities” at fair value.
Income from the structuring of proprietary struc-
tured products is posted under “commission income
from securities trading and investment activities”.
Redemption of the structured products is guaranteed
by Raiffeisen Switzerland Cooperative, St. Gallen.
S t r u c t u r e d p r o d u c t S o f t h i r d - pa r t y
i S S u e r S
Income from the issuance of structured products on a
commission basis is recognised in the “commission in-
come from securities trading and investment activities”
position.
ta X e S
Taxes are calculated and booked on the basis of the
result for the reporting year.
y e a r - o n - y e a r c h a n g e S
In the current year, the accounting and valuation prin-
ciples were supplemented by information on the ac-
counting recognition of proprietary structured prod-
ucts. The result from structured products of other
issuers is newly recognised under the position “com-
mission income from securities trading and investment
activities” and no longer under “result from trading
activities”. This change resulted in a movement of ap-
prox. CHF 4 million from “result from trading activ-
ities” to “commission income from securities trading
and investment activities”.
e v e n t S a f t e r t h e b a l a n c e S h e e t d at e
Up to the date when the annual financial statements
were drawn up, no material events occurred which
would require mandatory disclosure on the balance
sheet or in the notes as at 31 December 2013.
Notes to the financial statements – Accounting and valuation principles26
27
1. Information on the balance sheet
1.1 overview of collateral for loaNs aNd off-BalaNce-sheet traNsactioNs
1 . 1 . 1 o v e r v i e w b y c o l l at e r a l t y p e – lo a n S a n d a d va n c e S
Secured by
mortgage
Other
collateral Unsecured Total
Amounts due from customers 4,507 119,682 5,255 129,444
Mortgage loans
Residential property 358,683 – 65 358,748
Office and business premises 6,520 – – 6,520
Trade and industry 22,697 – – 22,697
Other – – – –
Total loans and advances in current year 392,407 119,682 5,320 517,409
Total loans and advances in previous year 342,398 112,601 36,622 491,621
1 . 1 . 2 o v e r v i e w b y c o l l at e r a l t y p e – o f f - b a l a n c e - S h e e t
Secured by
mortgage
Other
collateral Unsecured Total
Contingent liabilities 86 12,790 1,865 14,740
Irrevocable commitments 6,433 3,107 11,538 21,077
Liabilities for calls on shares and other equities – – – –
Commitment credits – – – –
Total off-balance-sheet in current year 6,519 15,897 13,402 35,818
Total off-balance-sheet in previous year – 99,348 11,556 110,904
1 . 1 . 3 d e ta i l S o f i m pa i r e d lo a n S / r e c e i va b l e S
Gross debt
amount
Estimated
liquidation
proceeds of
collateral
Net debt
amount
Individual
value
adjustments
Impaired loans/receivables in current year 1,585 308 1,277 1,277
Impaired loans/receivables in previous year 2,456 1,256 1,200 1,200
Amounts in CHF thousands
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
28
Amounts in CHF thousands
1.2 BreakdowN of tradiNg portfolios of securities aNd precious metals, fiNaNcial iNvestmeNts aNd
participatiNg iNterests
1 . 2 . 1 t r a d i n g p o r t f o l i o S o f S e c u r i t i e S a n d p r e c i o u S m e ta l S
Current year Previous year
Debt securities 163,928 142,183
listed * 162,244 133,188
unlisted 1,685 8,995
Equity securities 20,384 32,201
of which own equities shares – –
Precious metals 13,168 10,164
Total trading portfolios of securities and precious metals 197,481 184,548
of which securities eligible for repo transactions in accordance with liquidity regulations 43,552 23,810
* Of which own products issued by Notenstein Private Bank Ltd to the amount of CHF 1.25 million (none in previous year).
1 . 2 . 2 f i n a n c i a l i n v e S t m e n t S
Book value Fair value
Current year Previous year Current year Previous year
Debt securities 573,734 529,745 575,735 535,768
of which held until maturity – – – –
of which recognised in accordance with the lower of cost or market principle 573,734 529,745 575,735 535,768
Equity securities 55,143 10,779 55,144 10,780
of which qualified participations – – – –
Precious metals 409 584 409 609
Real estate – 2,000 – 2,000
Total financial investments 629,286 543,108 631,288 549,157
of which securities eligible for repo transactions in accordance with liquidity regulations 395,777 434,994 397,037 439,717
1 . 2 . 3 pa r t i c i pat i n g i n t e r e S t S
Current year Previous year
With listed value 77,700 –
Without listed value 27,230 20,548
Total participating interests 104,930 20,548
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
29
1.3 disclosures of sigNificaNt participatiNg iNterests
Current year Previous year
Company name, registered office Business activities Capital Share in % Capital Share in %
Recognised under participating interests:
1741 Asset Management Ltd, St. Gallen Asset management/fund business 5,000 100 5,000 100
Notenstein Financial Services GmbH,
Munich (Germany)
Investment advisory services and
brokerage of financial investments 123 100 – –
TCMG Asset Management AG, Zurich Holding and service unit 23,202 93 – –
Leonteq AG, Zurich Structured investment service provider 13,333 23 – –
Amounts in CHF thousands
Amounts in CHF thousands
1. Information on the balance sheet
1.4 statemeNt of fixed assets
Acquisition cost
Accumulated
depreciation
Book value
at previous
year end
Current year
Additions Disposals Depreciation
Book value at
current year end
Majority participations 20,000 – 20,000 21,706 –15,000 –4 26,702
Minority participations 686 –138 548 77,700 – –20 78,228
Total participating interests 20,686 –138 20,548 99,406 –15,000 –24 104,930
Tangible fixed assets
Real estate
Bank buildings 46,000 –173 45,828 300 – –702 45,426
Other real estate – – – – – – –
Other tangible fixed assets 2,114 –593 1,522 2,331 – –1,288 2,565
Finance lease assets – – – – – – –
Other 610 –366 244 32 – –21 255
Total tangible fixed assets 48,724 –1,131 47,593 2,663 – –2,011 48,246
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
1 . 4 . 1 f i r e i n S u r a n c e va lu e S
Current year
Fire insurance value of real estate 47,022
Fire insurance value of other fixed assets 56,496
30
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
Amounts in CHF thousands
Amounts in CHF thousands
1.5 total other assets aNd other liaBilities
Current year Previous year
Other assets Other liabilities Other assets Other liabilities
Replacement value of derivative financial instruments 50,867 50,476 8,975 9,156
Indirect taxes 3,842 7,410 748 9,400
Clearing accounts 21,106 594 32,162 550
Other 975 184 15,057 47
Total 76,790 58,665 56,942 19,153
1.6 pledged or assigNed assets to secure owN commitmeNts aNd of assets suBject to reservatioN of title
1 . 6 . 1 p l e d g e d o r a S S i g n e d a S S e t S a n d a S S e t S S u b J e c t t o r e t e n t i o n o f t i t l e , e X c lu d i n g l e n d i n g
t r a n S a c t i o n S a n d S e c u r i t i e S r e p u r c h a S e a g r e e m e n t S
Current year Previous year
Amount due/
book value
Of which
claimed
Amount due/
book value
Of which
claimed
Pledged assets
Amounts due from banks 389,472 474 – –
Amounts due from money-market instruments – – 10,000 –
Trading portfolios 34,101 – – –
Financial investments 266,755 – 275,949 3,573
Tangible fixed assets/other assets (guarantees) 883 – 416 –
Total pledged assets 691,212 474 286,365 3,573
31
1 . 6 . 2 d i S c lo S u r e o f S e c u r i t i e S l e n d i n g a n d r e p u r c h a S e t r a n S a c t i o n S
Current year Previous year
Book value of receivables from cash collateral in securities borrowing and reverse repurchase agreements 294,030 515,100
Book value of obligations from cash collateral in securities lending and reverse repurchase agreements 136,780 30,360
Book value of securities lent in securities lending or delivered as collateral in securities borrowing as well as securities in own
portfolio transferred in repurchase agreements 18,109 30,383
of which with unrestricted right to resell or pledge 18,109 30,383
Fair value of securities received and serving as collateral in securities lending or securities borrowed in securities borrowing as
well as securities received in reverse repurchase agreements with an unrestricted right to resell or repledge 302,841 515,330
fair value of associated resold or repledged securities 127,880 30,383
1. Information on the balance sheet
Amounts in CHF thousands
Amounts in CHF thousands
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
1.7 liaBilities relatiNg to owN peNsioN aNd welfare fuNds
1 . 7 . 1 g e n e r a l
The personnel of Notenstein Private Bank Ltd are insured in the “Katharinen Pensionenskasse I” and “Katharinen Pensionenskasse II” pension funds. The benefits paid are
calculated on the basis of contributions made (defined contribution plan). All employees are insured from the minimum annual wage defined in the Occupational Pen-
sions Act and therefore entitled to benefits. More than half of the occupational pension premiums are covered by the employer. The employer has no further obligations
to provide benefits. The “Katharinen Pensionskasse II” fund provides for extra-mandatory pensions in which a personal investment strategy can be implemented.
1 . 7 . 2 l i a b i l i t i e S r e l at i n g t o o w n p e n S i o n a n d w e l fa r e f u n d S
Current year Previous year
Other amounts due to customers 19,499 4,390
32
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
1 . 7 . 3 e c o n o m i c b e n e f i t / e c o n o m i c o b l i g at i o n a n d p e n S i o n e X p e n S e S
According to the most recent audited annual financial statement (pursuant to Swiss GAAP FER 26) of the “Katharinen Pensionskasse”, the funding ratio (no recognition of
overfunding; relevant underfunding is to be recognised in the balance sheet) is:
31.12.2013
(provisional) 31.12.2012
Pension fund “Katharinen Pensionskasse I” in % 110.5 107.5
Pension fund “Katharinen Pensionskasse II” in % 118.8 115.2
1 . 7 . 4 e m p lo y e r c o n t r i b u t i o n r e S e r v e S o f t h e “ k at h a r i n e n p e n S i o n S k a S S e ”
As at 31.12.2013, Notenstein Private Bank Ltd holds no employer contribution reserves.
1.8 BoNds outstaNdiNg
Maturity
Total2014 2015 2016 2017 2018 After 2018
Weighted average interest rate
(volume weighted) in % 0.22 1.03 0.48 0.00 0.35 0.07 0.36
Liabilities from money-market
instruments * 83,662,247 – – – – – 83,662,247
Bond issues 75,423,622 98,176,491 90,231,882 15,325,613 41,725,020 17,671,535 338,554,163
The derivative component of issued structured products containing a debt instrument is separated from the basic contract, valued and recognised separately. The un-
derlying instruments are recognised under “liabilities from money-market instruments” (maturity < 1 year) and in “bond issues” (maturity > 1 year). The derivative compo-
nents of the products are recognised at their market value in “other assets” and “other liabilities” (replacement values).
* Non-subordinated
Amounts in CHF thousands
33
Amounts in CHF thousands
1.9 value adjustmeNts aNd provisioNs, fluctuatioN reserve for credit risks aNd reserves for geNeral
BaNkiNg risks
Balance at
previous year
end
Use in
conformity
with designat-
ed purpose
Redesignation
of purpose
(reclassifica-
tions)
Recoveries, past
due interest,
currency transla-
tion differences
New provisions
charged to
income
statement
Releases to
income
statement
Balance at
current year
end
Value adjustments and
provisions for default and
other risks:
Value adjustments and
provisions for default risks
1,200 – – 77 – – 1,277
Value adjustments and
provisions for other business
risks 19,400 –1,755 – – 6,232 – 23,877
Other provisions – – – – – – –
Total value adjustments
and provisions 20,600 –1,755 – 77 6,232 – 25,154
Reserves for general
banking risks (untaxed) 176,000 – – – – – 176,000
For the current year, provisions to the amount of CHF 6.2 million for possible obligations arising from UK final withholding tax have been charged to the income statement.
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
1. Information on the balance sheet
1.10 BaNk’s capital aNd shareholders of iNterests exceediNg 5% of all votiNg rights
Current year Previous year
Total par value
No. of shares/
interests
Capital eligible
for dividend Total par value
No. of shares/
interests
Capital eligible
for dividend
Bank’s capital
Share capital 20,000 20,000,000 20,000 20,000 20,000,000 20,000
Participation capital 2,200 22,000,000 2,200 – – –
Total bank’s capital 22,200 42,000,000 22,200 20,000 20,000,000 20,000
Amounts in CHF thousands
34
1 . 1 0 . 1 S i g n i f i c a n t S h a r e h o l d e r S a n d g r o u p S o f S h a r e h o l d e r S w i t h p o o l e d v o t i n g r i g h t S
Current year Previous year
Nominal Share in % Nominal Share in %
Raiffeisen Switzerland Cooperative 22,200 100 20,000 100
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
1.11 statemeNt of shareholders’ equity
Equity at beginning of current year
Paid-up capital 20,000
Distributable profit/accumulated loss 23,761
General legal reserves 137,300
Reserves for general banking risks 176,000
Total equity at beginning of current year (before appropriation of profit) 357,061
– Dividends 2012 –20,000
– General legal reserves –119,040
+ Other reserves 119,040
+ Increase in participation capital 2,200
+ Capital contribution reserves (participation capital) 38,938
+ Profit for the current year 16,935
Total equity at end of current year (before appropriation of profit) 395,134
Of which:
paid-up capital 22,200
general legal reserves 57,198
other reserves 119,040
reserves for general banking risks 176,000
distributable profit 20,696
Amounts in CHF thousands
35
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
1. Information on the balance sheet
Amounts in CHF thousands
Amounts in CHF thousands
1.12 maturity aNalysis of curreNt assets aNd third-party liaBilities
Due
At sight
Can -
cellableWithin
3 months
Within 3 to
12 months
Within
12 months
to 5 years
After
5 years
No
maturity Total
Current assets
Liquid assets 359,016 – – – – – – 359,016
Amounts due from money-market instruments – – 209,044 109,888 – – – 318,932
Amounts due from banks 87,387 190,181 715,286 705,952 345,883 5,000 – 2,049,689
Amounts due from customers – 6,132 54,324 58,476 10,513 – – 129,444
Mortgage loans – 5,409 135,266 67,688 147,622 31,980 – 387,965
Trading portfolios of securities and precious metals 197,481 – – – – – – 197,481
Financial investments 51,445 – 71,244 195,265 274,590 36,741 – 629,286
Total current assets in current year 695,329 201,722 1,185,164 1,137,269 778,608 73,721 – 4,071,813
Total current assets in previous year 660,722 246,432 1,519,275 682,385 595,759 28,799 2,000 3,735,372
Third-party capital
Liabilities from money-market instruments – – 5,102 78,560 – – – 83,662
Amounts due to banks 57,343 8,354 136,780 – – – – 202,476
Amounts due to customers in savings or deposit
accounts –
2,490,768 – – – – –
2,490,768
Other amounts due to customers 139,622 552,862 19,359 1,455 – – – 713,297
Bond issues and central mortgage institution loans – – 178 75,245 245,459 17,672 – 338,554
Total third-party capital in current year 196,965 3,051,983 161,419 155,260 245,459 17,672 – 3,828,758
Total third-party capital in previous year 186,115 3,139,052 127,508 4,301 – – – 3,456,976
1.13 amouNts due from / to related compaNies as well as loaNs to memBers of goverNiNg Bodies
Current year Previous year
Amounts due from related companies – –
Amounts due to related companies – –
Loans to members of governing bodies 4,731 2,855
36
1 . 1 3 . 1 t r a n S a c t i o n S w i t h r e l at e d pa r t i e S
The extension of loans to members of governing bodies is subject to the usual banking assessment criteria that apply to third parties. Fee-based transactions (payment
services, stock transactions), loans and interest on bank accounts are provided to related parties at personnel rates.
Amounts in CHF thousands
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
1.14 aNalysis of assets aNd liaBilities By domestic aNd foreigN origiN
Current year Previous year
Domestic Foreign Domestic Foreign
Assets
Liquid assets 358,018 998 408,341 –
Amounts due from money-market instruments – 318,932 – 68,300
Amounts due from banks 1,026,702 1,022,987 1,024,659 1,014,794
Amounts due from customers 71,708 57,736 92,546 55,477
Mortgage loans 387,965 – 343,598 –
Trading portfolios of securities and precious metals 74,834 122,647 74,513 110,036
Financial investments 180,562 448,724 155,575 387,533
Participating interests 104,799 131 20,539 8
Tangible fixed assets 48,246 – 47,593 –
Accrued income and prepaid expenses 21,050 960 11,113 615
Other assets 74,500 2,290 56,887 55
Unpaid-up capital – – – –
Total assets 2,348,384 1,975,405 2,235,364 1,636,818
Liabilities
Liabilities from money-market instruments 83,662 – – –
Amounts due to banks 200,867 1,609 138,485 9,523
Amounts due to customers in savings or deposit accounts 1,484,469 1,006,299 1,391,993 1,025,205
Other amounts due to customers 241,575 471,722 297,897 593,874
Bond issues and central mortgage institution loans 338,554 – – –
Accrued expenses and deferred income 16,077 1 17,517 875
Other liabilities 56,916 1,748 18,978 174
Value adjustments and provisions 25,154 – 20,600 –
Reserves for general banking risks 176,000 – 176,000 –
Bank’s capital 22,200 – 20000 –
General legal reserve 57,198 – 137,300 –
continued on page 38
37
Amounts in CHF thousands
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
Amounts in CHF thousands
1.15 aNalysis of assets By couNtry/ group of couNtries
Current year Previous year
Share in % Share in %
Assets
Switzerland 2,348,384 54 2,303,301 59
Europe 1,614,864 37 1,438,531 37
Asia 168,179 4 32,883 1
North America 34,431 1 19,296 0
Caribbean 33,522 1 18,864 0
Other 124,409 3 59,307 2
Total assets 4,323,789 100 3,872,182 100
1. Information on the balance sheet
Current year Previous year
Domestic Foreign Domestic Foreign
Other reserves 119,040 – – –
Profit/loss carried forward 3,761 – –6,078 –
Profit/loss for the year 16,935 – 29,839 –
Total liabilities 2,842,410 1,481,379 2,242,531 1,629,651
38
Amounts in CHF thousands
1.16 aNalysis of assets aNd liaBilities accordiNg to curreNcy
CHF EUR USD Other
Assets
Liquid assets 351,908 5,914 680 514
Amounts due from money-market instruments 49,881 175,665 84,557 8,828
Amounts due from banks 992,605 270,045 623,748 163,291
Amounts due from customers 65,789 41,127 17,789 4,739
Mortgage loans 387,965 – – –
Trading portfolios of securities and precious metals 113,444 17,111 29,232 37,694
Financial investments 416,522 169,774 26,725 16,265
Participating interests 104,799 131 – –
Tangible fixed assets 48,246 – – –
Accrued income and prepaid expenses 16,924 1,816 2,823 447
Other assets 74,301 865 67 1,557
Total assets shown in balance sheet 2,622,384 682,450 785,620 233,335
Delivery entitlements from spot exchange, forward forex and forex options transactions 233,010 93,656 273,487 77,512
Total assets 2,855,394 776,106 1,059,107 310,847
Liabilities
Liabilities from money-market instruments 61,277 4,856 2,784 14,745
Amounts due to banks 147,681 47,143 4,921 2,730
Amounts due to customers in savings or deposit accounts 1,462,563 450,562 441,904 135,739
Other amounts due to customers 217,977 144,581 294,679 56,060
Bond issues and central mortgage institution loans 230,737 46,295 52,221 9,301
Accrued expenses and deferred income 15,624 230 189 35
Other liabilities 57,772 722 127 44
Value adjustments and provisions 25,154 – – –
Reserves for general banking risks 176,000 – – –
Bank’s capital 22,200 – – –
General legal reserves 57,198 – – –
Other reserves 119,040 – – –
Profit/loss carried forward 3,761 – – –
Profit/loss for the year 16,935 – – –
Total liabilities shown in balance sheet 2,613,919 694,389 796,826 218,655
Delivery obligations from spot exchange, forward forex and forex options transactions 232,374 93,636 273,956 77,504
Total liabilities 2,846,293 788,025 1,070,782 296,159
Net position per currency 9,101 –11,919 –11,674 14,688
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
39
2. Information on off-balance-sheet transactions
2.1 coNtiNgeNt liaBilities
Current year Previous year
Guarantees to secure credits 1’350 3,210
Other contingent liabilities 13,390 86,826
Total contingent liabilities 14,740 90,036
Amounts in CHF thousands
Amounts in CHF thousands
2.2 outstaNdiNg derivative fiNaNcial iNstrumeNts
Trading instruments Hedging instruments
Positive
replacement
values
Negative
replacement
values
Contract
volumes
Positive
replacement
values
Negative
replacement
values
Contract
volumes
Interest-rate-related instruments
Forward contracts (including FRAs) – – – – – –
Swaps – – – – – –
Futures – – – – – –
Options (OTC) 250 4,110 14,401 4,110 250 14,401
Options (exchange-traded) – – – – – –
Total 250 4,110 14,401 4,110 250 14,401
Foreign exchange/precious metals
Forward contracts 8,236 9,519 547,301 – – –
Combined interest/currency swaps 2,423 943 133,699 – – –
Futures – – – – – –
Options (OTC) 677 470 18,221 2 209 2,580
Options (exchange-traded) – – – – – –
Total 11,336 10,932 699,221 2 209 2,580
Equity securities/indices
Forward contracts – – – – – –
Swaps – – – – – –
Futures – – 27,346 – – –
Options (OTC) 11,369 22,254 424,107 22,254 11,175 439,009
Options (exchange-traded) – – – – – –
Total 11,369 22,254 451,454 22,254 11,175 439,009
continued on page 41
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
40
Trading instruments Hedging instruments
Positive
replacement
values
Negative
replacement
values
Contract
volumes
Positive
replacement
values
Negative
replacement
values
Contract
volumes
Other
Forward contracts – – – – – –
Credit default swaps – 1,538 30,796 1,538 – 30,796
Futures – – – – – –
Options (OTC) 8 – 1,799 – 8 1,779
Total 8 1,538 32,595 1,538 8 32,575
Total before netting contracts in current year 22,963 38,834 1,197,671 27,904 11,642 488,566
Total before netting contracts in previous year 8,975 9,156 961,580 – – –
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
2 . 2 . 1 t o ta l a f t e r n e t t i n g c o n t r a c t S
Positive
replacement
values
(cumulative)
Negative
replacement
values
(cumulative)
Total in current year 39,225 38,834
Total in previous year 8,975 9,156
2.3 fiduciary traNsactioNs
Current year Previous year
Fiduciary deposits at third-party banks 301,989 250,888
Fiduciary lending – 29,827
Total fiduciary transactions 301,989 280,715
Amounts in CHF thousands
41
2.4 clieNt assets
Current year Previous year
Type of client assets
Assets in funds managed by the bank 120,589 –
Assets under discretionary asset management agreements 7,437,143 7,830,310
Other client assets 12,224,132 11,808,081
Total client assets (including double-counting) * 19,781,864 19,638,391
of which double-counted items 323,384 228,305
Net new money inflow/outflow –311,961 –1,874,234
Client assets includes all assets managed or held for investment purposes of private, business and institutional clients as well as assets in funds managed by the bank.
Essentially, it includes all amounts due to customers, time deposits and fiduciary investments as well as all valued assets including net values from outstanding derivative
financial instruments. Client assets as well as assets in investment funds deposited with third parties are also included on the condition that they are managed by the
bank. Assets of other banks that are deposited at Notenstein (custody only) are not included in the client assets. Fund units of funds managed by the bank that are held in
client safe-keeping accounts, and client safe-keeping accounts managed by the bank but held at third-party banks are reported under double-counting.
* Excluding subsidiaries
Amounts in CHF thousands
2. Information on off-balance-sheet transactions
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
42
3. Information on the income statement
3.1 result from tradiNg activities
Current year Previous year
Foreign exchange trading and trading in foreign notes and coins 13,936 17,951
Precious metals trading –1,003 3,635
Securities trading –152 13,982
Total result from trading activities 12,781 35,568
Amounts in CHF thousands
Amounts in CHF thousands
3.2 persoNNel expeNses
Current year Previous year
Bank authorities, meeting attendance fees and other retainers 510 191
Salaries and benefits 72,842 77,925
AHV, IV, ALV (old age, survivors, invalidity and unemployment insurance) and other statutory contributions 7,222 7,175
Contributions to employee benefit schemes 4,535 4,284
Ancillary personnel expenses 6,924 4,265
Total personnel expenses 92,034 93,840
3.3 geNeral aNd admiNistrative expeNses
Current year Previous year
Office space expenses 9,332 10,229
IT expenses, machinery, furniture, motor vehicles, and other equipment and fixtures 8,708 9,481
Other business expenses 24,462 23,744
Total general and administrative expenses 42,502 43,454
Amounts in CHF thousands
All stated amounts are rounded, which may lead to minor discrepancies in the total amounts.
3.4 explaNatory Notes oN extraordiNary iNcome aNd expeNses, sigNificaNt releases of hiddeN reserves,
reserves for geNeral BaNkiNg risks, aNd value adjustmeNts aNd provisioNs No loNger required
A guarantee payment from the former Wegelin & Co. to the amount of CHF 12.4 million was posted to extraordinary income.
43
b a S e l , 4 0 5 1
Freie Strasse 90
Telephone +41 (0)61 201 17 17
b e r n e , 3 0 1 1
Spitalgasse 3
Telephone +41 (0)31 321 14 14
c h u r , 7 0 0 2
Aquasanastrasse 8
Telephone +41 (0)81 287 15 15
g e n e va , 1 2 1 1
Bd. Georges-Favon 5
Telephone +41 (0)22 307 21 21
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Av. du Théâtre 1
Telephone +41 (0)21 313 26 26
lo c a r n o, 6 6 0 0
Lungolago Motta 2
Telephone +41 (0)91 756 12 12
n o t e n S t e i n p r i vat e b a n k lt d
Bohl 17, 9004 St.Gallen, telephone +41 (0)71 242 50 00, fax +41 (0)71 242 50 50
[email protected], www.notenstein.ch
lu g a n o, 6 9 0 0
Via Canova 12
Telephone +41 (0)91 912 11 11
lu c e r n e , 6 0 0 4
Mühlenplatz 9
Telephone +41 (0)41 227 16 16
S c h a f f h a u S e n , 8 2 0 1
Fronwagplatz 22
Telephone +41 (0)52 630 18 18
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Turnerstrasse 1
Telephone +41 (0)52 742 24 24
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Rennweg 57/Fraumünsterstrasse 27
Telephone +41 (0)44 218 13 13
Contact
44
N O T E N S T E I N P R I VAT E B A N K LT D
S T. G A L L E N B A S E L B E R N E C H U R G E N E VA L A U S A N N E L O C A R N O
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