Synthesis Bank opens in Zurich

Offering competitively priced share brokerage

Thierry Thévenaz, partner in Synthesis Bank, today announced the opening of a Zurich branch at a press conference in the city’s Swiss stock exchange (SWX).

The new Zurich premises in Förrlibuckstrasse will be operational in mid-March with seven professionals, who should increase to around 30 at the end of the year, according to Thévenaz.

Thévenaz, who joined the partnership last year after an international career specialising in currency trading (London, New York, Singapore, Frankfurt, Zurich), will take over the management of the new branch since he is based in Zurich.

"We are pleased to be able to attract bankers with the calibre of Thierry Thévenaz, because this helps us deliver even better products and services," commented Synthesis Bank’s founder and CEO, Charles-Henri Sabet.

"For Synthesis Bank, 2006 was a remarkable year in every aspect, which is very promising for 2007," Thévenaz revealed.

In 2006 the Geneva bank has indeed:

Trebled its number of clients
More than doubled its trading volume in currencies, shares, futures and CFDs
Increased its workforce from 30 to 80
More than doubled its turnover.

"This strong growth confirms the effect of our strategy of online trading and brokerage which we have developed since the end of 2004," Sabet emphasised. "The credibility of our model has attracted a growing client base. Thousands try out our platform every month."

This kind of trading seems to have a good future. Quoting a recent study by Zurich University, Thévenaz disclosed that an increasing number of Swiss are taking advantage of the benefits and transparency of online trading. In 2000, 16% of investors traded online. The proportion has risen steadily to 31% today.

Why should an online trading bank need to be physically near its clients? And why was Zurich chosen? Thévenaz had a clear answer to both questions. "Even though online banking is the engine of our development, Synthesis Bank is much more than a computerised trading platform. We are certain that our success is largely due to the quality of the advice and support we offer our clients 24 hours a day. In this respect, ours is a close-to-the-customer profession. And since Zurich is at the heart of Swiss finance, particularly in the institutional sector, we have to be present and active in German-speaking Switzerland, home to a third of our clients."

As leader in the currency markets and the only Swiss bank to offer all its clients the benefits of the increasingly popular CFDs (Contracts for Difference), Synthesis Bank aims to be the most competitive bank for all online products. It has already been classified as the "lowest-cost" bank in Switzerland’s German-language media and intends to widen its offer in equities trading. It is therefore providing more analyses, especially of Swiss stock. Above all, its fees are the lowest in Switzerland, if not in Europe.

"An active client of ours will pay only CHF25 in costs or commission for a CHF25,000 transaction in Swiss securities," Thévenaz points out. "Furthermore, there are no extra costs such as custody fees. In the online trading market, we are 50% less expensive than our competitors."

However this is not the bank’s only competitive advantage. Trading professionals and outside portfolio managers appreciate the high transaction efficiencies and real-time reports.

In line with its policy of advising and supporting its clients, Synthesis Bank – whose new Zurich branch has its own classroom – will be placing stronger emphasis on training tools for private investors, including an impressive programme of courses, "trading-bars" and workshops, especially on technical analysis, CFDs, forex and futures.