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Interview Michael Welti

You joined Banque Heritage following the merger with Sallfort Privatbank. Five years on, how do you assess the bank’s development in Zurich?

I joined Banque Heritage a little over four years ago, shortly after the merger had already been completed. Looking back, the development of the Zurich office has been remarkable. We were coming out of the Covid period, which forced many institutions — including ours — to rethink their positioning and operating model.

Zurich was clearly identified as a strategic priority. We invested heavily in people, expanded our client base and assets under management, and repositioned the branch as a core private banking hub alongside Geneva. A defining milestone was the recent relocating of our office from the outskirts of Zurich to the city centre, bringing us much closer to our partners and clients. Today, Zurich has stands as one of the bank’s main pillars.

“Your career has already led you to succesfully develop a presence in Zurich.. What are the key success drivers for a Geneva-rooted private bank seeking to establish itself sustainably in Zurich?
There are three decisive layers.

First, the brand and shareholder structure. You need a clear, unbiased ownership model and a strong entrepreneurial heritage. If those foundations are solid, geography becomes secondary.

Second, people. This is often underestimated. You need the right individuals, in the right roles, with the right mindset. Many organisations fail not because of strategy, but because of misaligned talent.

Third, culture — or character. People need to be curious, motivated and willing to embrace change. Without that openness, no repositioning will succeed. At Banque Heritage, curiosity and entrepreneurial thinking have been essential drivers of our organic growth.

Banque Heritage positions itself as innovative and forward-looking. How does that translate concretely into private banking and client relationships in Zurich?
Innovation, in our case, is not about technology for its own sake. It is about empowerment. We want bankers who can take decisions within a clear framework and assume responsibility. That is entrepreneurship in daily operations.

We deliberately avoid over-structuring. If an organisation is driven by manuals rather than people, it loses agility. Our model is based on proximity to clients, flexibility and open architecture. We do not manufacture products; we source the best solutions available or build them when needed.

In that sense, we operate very much like a family office — but with a banking licence. We put ourselves in the client’s position first and design services accordingly. That client-centricity is not a slogan; it is embedded in how we work.

The bank is delivering solid results, with strong capital ratios and a broader offering ranging from private banking to advisory services. How does this integrated positioning create a competitive advantage?
Our clients are predominantly entrepreneurs — active or retired — and they have very different expectations from a bank. They ask about ownership, stability, governance and long-term alignment.

Because we do not push proprietary products, our advice is genuinely neutral. When we invest, we invest alongside our clients, at shareholder level. This alignment fundamentally changes the conversation.

Rather than distributing pre-packaged solutions, we start with a problem and design an investment or service around it. That approach resonates strongly with entrepreneurial clients and differentiates us from both large universal banks and pure-play wealth managers.

How do you assess the current state of the Swiss banking sector?
Switzerland remains a unique financial centre. Its core strengths are trust, political stability, discretion and deep regulatory expertise. In a world marked by geopolitical fragmentation, rising tensions and regulatory uncertainty, these attributes matter more than ever.

For anyone with significant wealth, the first question today is not return, but protection — of family, assets and long-term legacy. Switzerland offers an institutional framework that has proven its resilience over decades, even centuries. That is why it continues to play a central role in international wealth planning.

The Swiss financial centre does not need to be the most innovative to remain relevant, particularly in private banking. Most technological innovation is retail-driven. At the level of ultra-high-net-worth individuals, the real challenges lie elsewhere: structuring complex global assets, ensuring governance across generations, and preserving wealth in a stable and predictable jurisdiction.

How does the Zurich market differ from Geneva for Banque Heritage?
There are differences in client clusters. Zurich tends to be more oriented towards Europe, Eastern Europe and global business travel, while Geneva has stronger links to Latin America and international family structures.

That said, we do not fundamentally think in terms of locations. Our operating language is English, our mindset is international, and clients move fluidly between hubs. From an internal perspective, we see one integrated private banking platform rather than distinct regional silos.

What are your current ambitions in Zurich, and which growth levers will drive the next phase?
Growth has two components: organic and inorganic. Lately, our expansion has been purely organic — and very strong. We will continue along that path.

Recruitment is a key lever. Heritage is one of the few remaining private banks in Switzerland that can attract senior bankers who want autonomy, client proximity and freedom from excessive bureaucracy.

Strategically, we want to deepen what we already do best: wealth management, including external asset managers. We do not aim to multiply business lines unnecessarily. Open architecture, strong partnerships and a clear focus remain the core of our model.