What is Zürcher Kantonalbank mean? Zurich Cantonal Bank (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 150 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.
In 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.
In November 2013, Zürcher Kantonalbank was classified as a systemically important bank in Switzerland by order of the Swiss National Bank, alongside UBS, Credit Suisse, Raiffeisen (Switzerland) and PostFinance, and must meet stricter capital requirements and prepare contingency plans for times of crisis.
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Posted on 08 Sep 2024, this text provides information on Business related to Miscellaneous in Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.