Belgian-Dutch bank Fortis has received authorization from the Swiss authorities to open a branch in Zurich. The company said the new branch opening is in line with its strategy to open business centers in 15 additional countries in Europe.
Fortis said the new branch will be located in Zurich because Switzerland has a high level of international trade, and is therefore one of the countries it has identified as having high potential for commercial banking.
The new branch is expected to deliver business services to medium-sized enterprises with annual sales between E2.5 million and E250 million, with an emphasis on internationally active companies with complex financial needs.
In particular, it will focus on businesses seeking multiple banking services, such as leasing, factoring, risk management, trade finance, international credit facilities and international cash management.
The Swiss team is headed by Jurg Hobi, business centre manager, who joined Fortis at the beginning of this year. He previously worked at Deutsche Bank Switzerland where he was head of its Large & Mid Cap business.