In the first half of 2019, Bank Frick founded two subsidiaries and raised its stakes in two fintech companies. These investments will help secure the future of the family-run bank from Balzers, though initially they will negatively impact profit.

Bank Frick will continue to work “closely with financial intermediaries, offering products for alternative asset classes and fund services, and becoming an internationally leading partner in the blockchain sector,” the family-run bank from Balzers writes in a press release on its half-yearly report. In the reporting period, Bank Frick founded two subsidiaries for fintech promotion and cryptoassets and increased its stakes in the two fintech companies Tradico AG and 21.finance AG to majority shareholdings.

These investments pushed the Bank’s profits in the first half of the year down below the figure for the previous year. Specifically, the Bank posted a net profit of 1.5 million Swiss francs, down from 2.6 million francs in the same period of 2018. Bank Frick outlines that strategic investments caused personnel and operating expenses to be higher than budgeted. However, lower operating expenses are expected in the future.

“We are excellently staffed, both in terms of quality and quantity,” commented Bank Frick CEO Edi Wögerer in the press release. “We have stayed true to our strategy and taken bold steps to secure our future by founding subsidiaries and investing in promising companies.” Edi Wögerer looks forward to “confidently striding into the second half of the year”.

In the press release, the Bank writes that it does not expect to achieve the originally projected net income of 3.6 million francs. It now anticipates that net income for this year will amount to approximately 2.0 million francs.

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