About us

Governance

As a joint venture of the 24 cantonal banks, the Pfandbriefzentrale does not focus on making a profit. Rather, it is concerned with fulfilling its legal purpose in accordance with Art. 1 para. 1 (Pfandbrief Act (PfG)) and providing land owners with long-term loans secured by a mortgage at the most constant and favourable conditions possible. For this reason, the Pfandbriefzentrale is exempt from direct federal, cantonal and municipal taxes under Art. 6 para. 1 PfG.

The issue volume or the issue of mortgage backed loans is based on the needs of the member banks and investors. The funds from the bond loans raised on the market are passed on to the 24 cantonal banks in the form of mortgage backed loans in the same total amount, in the same currency (CHF) and with the same term against registered pledge cover. Only a small interest surcharge is levied on the mortgage backed loans to finance business activities. The principles of corporate governance ensure that the interests of the various stakeholder groups are taken into account in a balanced manner. The Pfandbriefzentrale has an appropriate organisational structure to ensure that tasks, competencies and responsibilities are clearly assigned, effective and coordinated.

In the interests of safeguarding common interests, promoting cooperation and strengthening the position of the cantonal banks in Switzerland, the Pfandbriefzentrale strives for an active exchange with the Association of Swiss Cantonal Banks (ASCB) whenever it makes sense to do so. The Mortgage Bond Centre also regularly exchanges information with the Swiss Bankers Association (SBA) and is actively involved.

The representation of interests is carried out in compliance with local laws and is based on the principles of honesty, completeness, respect, accuracy of information and transparency. Furthermore, this is generally limited to issues that directly affect the Pfandbriefzentrale or the Pfandbrief system in Switzerland.

The business activities are narrowly defined and changes to the Articles of Association and the valuation regulations must be approved by the Federal Council (Swiss government). The Federal Council also appoints an independent member to the Board of Directors.

The handling of conflicts of interest (identification, avoidance, taking measures) is governed by the organisational regulations and is reviewed annually by the Board of Directors.

Board of Directors Management and employees Audit/Supervision Legal basis

Board of Directors

Board of Directors (from left to right): Hans Egloff, Pierre-Alain Leuenberger, Hanspeter Rhyner, Dieter Widmer, Ueli Manser, Daniel Fust, Beatrice Kern, Dr. Thomas Paulsen, Dr. Martin Bardenhewer (missing from the picture: Glenda Brändli)

Daniel Fust

President

Chairman of the Nomination Committee

Daniel Fust has served as Chairman of the Board of Directors since 2021 and additionally as Chairman of the Nomination Committee of the Pfandbriefzentrale since 2024.

He has been CEO and Head of the Corporate Centre business unit at Graubündner Kantonalbank since 2019.

Dieter Widmer

Vice President

Member of the Nomination Committee

Dieter Widmer has been a member of the Board of Directors of Pfandbriefzentrale as Vice Chairman since 2019. Dieter Widmer is also a member of the Nomination Committee.

He has been Chairman of the Executive Board and Head of Corporate Management at Aargauischen Kantonalbank since 2018.

Dr. Martin Bardenhewer

Member

Dr Martin Bardenhewer has been a member of the Board of Directors of Pfandbriefzentrale since 2023.

He has also been a member of the Executive Board and Head of the Finance business unit at Zürcher Kantonalbank since 2023.

Glenda Brändli

Member

Glenda Brändli has been a member of the Board of Directors of Pfandbriefzentrale since 2025.

She has been a member of the Executive Board and Head of the Finance department of Banca dello Stato del Cantone Ticino since 2022.

Beatrice Kern

Member

Member of the Audit Committee

Beatrice Kern has been a member of the Board of Directors and the Audit Committee since 2024.

She has been a member of the Executive Board and Head of the Finance / Risk Management department of Berner Kantonalbank since 2023.

Pierre-Alain Leuenberger

Member

Pierre-Alain Leuenberger has been a member of the Board of Directors of Pfandbriefzentrale since 2021.

He has been CEO of Banque Cantonale Neuchâteloise since 2017.

Ueli Manser

Member

Member of the Nomination Committee

Ueli Manser has been a member of the Board of Directors of Pfandbriefzentrale since 2019 and has also been a member of the Nomination Committee since 2024.

He is a director of the Appenzeller Kantonalbank.

Dr. Thomas Paulsen

Member

Chairman of the Audit Committee

Dr Thomas Paulsen has been a member of the Board of Directors of Pfandbriefzentrale since 2009 and has also been Chairman of the Audit Committee since 2024.

He is a member of the Executive Board of Banque Cantonale Vaudoise and Head of Finance & Risk.

Hanspeter Rhyner

Member

Hanspeter Rhyner has been a member of the Board of Directors of Pfandbriefzentrale since 2021.

He has been a member and Chairman of the Executive Board of Zuger Kantonalbank since 2021.

Hans Egloff

Mitglied

Member of the Audit Committee

Hans Egloff has been a member of the Board of Directors of Pfandbriefzentrale since 2017 and has also been a member of the Audit Committee since 2024. He is a representative appointed by the Federal Council in accordance with Article 37 of the Pfandbrief Act.

Hans Egloff is a partner in the law firm beelegal.

Compensation

The Board of Directors was remunerated as follows for the 2025 financial year (in CHF):

Name	Function	Fee	Attendance Fee	Travelling expenses	Social security deduction	Compensation
Daniel Fust	Chairman	20’000	3’000	530	–	23’530
Dieter Widmer	Vice Chairman	12’000	3’000	241	–	15’241
Dr. Martin Bardenhewer	Member	10’000	2’000	126	–	12’126
Glenda Brändli*	Member	5’000	1’000	300	–	6’300
Hans Egloff	Member	10’000	2’500	126	-663	11’964
Beatrice Kern	Member	10’000	2’500	490	–	12’990
Pierre-Alain Leuenberger	Member	10’000	2’000	548	–	12’548
Ueli Manser	Member	10’000	3’000	484	–	13’484
Dr. Thomas Paulsen	Member	10’000	2’500	774	–	13’274
Hanspeter Rhyner	Member	10’000	1’000	61	–	11’061
Total		107’000	22’500	3’680	-663	132’518

* from the Annual General Meeting on 27 June 2025

For members of the Board of Directors who are members of the Executive Board of a bank, Pfandbriefzentrale has been paying the entire compensation to the respective member bank since 2014.

Management and employees

Team Pfandbriefzentrale (from left to right): Michael Wölfle, Peter Widmer, Sven Bucher, Daniela Rey, Beat Auf der Maur, Esther Kälin, Ursina Kubli Burgauer, Michael Benn

Sven Bucher

Director, CEO of Pfandbriefzentrale

Michael Benn

Deputy Director, Secretary of the Board of Directors of Pfandbriefzentrale

Ursina Kubli Burgauer

Deputy Director, CRO of the Pfandbriefzentrale

Roger Schmid

Deputy Director, CFO of the Pfandbriefzentrale

Michael Wölfle

Deputy Director, Head of bond issuance at the Pfandbriefzentrale

Esther Kälin

Member of Management

Peter Widmer

Member of Management

Beat Auf der Maur

Member of Management

Audit/Supervision

The auditors for the cantonal banks and the Pfandbriefzentrale monitor compliance with legal and regulatory provisions annually and report directly to FINMA. The Swiss Federal Council approves the Articles of Association and Valuation Rules for the Pfandbrief institutions based on the provisions of the Pfandbrief Act. The Federal Council is responsible for electing a member to the Boards of Directors of the Pfandbrief institutions.

Auditors Ernst & Young AG, Zurich Supervision Swiss Financial Market Supervisory Authority (FINMA), Berne

Legal basis

The issuing of covered bonds in Switzerland is governed by the:

Swiss Pfandbrief Act Swiss Pfandbrief Ordinance

The 1930 Federal Pfandbrief Act provides a strict framework for the issuing of covered bonds in Switzerland. These bonds are used to provide long-term funding to finance the mortgage business of banks. The Swiss Pfandbrief® is a bond backed by special collateral.

The two-tier Swiss Pfandbrief system is globally unique. Under the legislation, individual banks are not permitted to issue covered bonds directly. The authorisation to issue Pfandbrief covered bonds is only granted to the two Pfandbrief institutes (Pfandbriefbank schweizerischer Hypothekarinstitute AG, Pfandbriefzentrale der schweizerischen Kantonalbanken AG). In this respect, the Swiss Pfandbrief® differs significantly from similar products, in particular covered bonds issued by individual banks under foreign law.

The trademark “Der Schweizer Pfandbrief®” has been legally protected since 2012 and the trademarks “La lettre de gage suisse®” and “The Swiss Pfandbrief®” have been protected since 2015.