TKB boss has nationwide plans for broker business
Published: Thursday, Jul 11th 2024, 10:40
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Thurgauer Kantonalbank (TKB) wants to grow primarily in its own canton. However, there is also a nationwide growth story: "We have nationwide growth ambitions in the mortgage broker business," said Thomas Koller, Chairman of the Executive Board, in an interview with the news agency AWP.
With the "Brokermarket.ch" platform developed in-house, TKB has a leading position in Switzerland following the takeover of the "Valuu" brand. According to Koller, a total of over 150 brokers rely on TKB's offering. The Cantonal Bank of Eastern Switzerland took over the former Postfinance mortgage platform "Valuu" from Credit Exchange in April 2024.
Growth potential
In Germany, only around 6 percent of mortgages are arranged via brokers instead of directly with banks and insurance companies. In Germany, however, independent mortgage brokers account for almost 40 percent, according to Koller. "The market is therefore still small in this country, but has grown rapidly recently and still has potential," he concludes.
TKB generates income from fees. The business is also attractive because the bank itself also offers mortgages on the platform. "This ensures regional diversification."
Ex-CS customers take a look around
Apart from this niche market, TKB also wants to grow. As is well known, it is aiming for an annual increase in business volume of 3 percent. Although the environment for the new money business has become more difficult, he expects - as things stand today - "that we will achieve this by the end of the year". He is satisfied with the growth in mortgages, for example.
There is also a slight tailwind following the disappearance of CS. "You could read in the newspaper that not all existing CS clients are satisfied with UBS's offers. They are looking around and we are feeling that."
In the mortgage business, however, the CS effect is modest. "Our market share for mortgages in Thurgau is around 50 percent. CS had an estimated share of no more than 5 percent. So there's not much in it."
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