About us

The Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Pfandbriefzentrale) is a joint venture of all 24 cantonal banks in Switzerland, which are also the sole shareholders and member banks of the Pfandbriefzentrale and was founded in 1931. The Pfandbriefzentrale has no subsidiaries. The annual financial statements of the Pfandbriefzentrale are prepared in accordance with the Swiss GAAP FER accounting recommendations and give a true and fair view of the assets, liabilities, financial position and profit or loss.

The Pfandbriefzentrale is subject to supervision by the Swiss Financial Market Supervisory Authority (FINMA). The share and regulatory audit is carried out by a renowned auditing company (currently Ernst & Young AG).

Since its foundation, the Pfandbriefzentrale has been managed by Zürcher Kantonalbank (ZKB) under a management agreement. Zürcher Kantonalbank, based in Zurich/Switzerland, was founded in 1870 and is an independent public-law institution of the Canton of Zurich. ZKB provides the staff as well as the premises and infrastructure for the operation of the Pfandbriefzentrale. This means that the Pfandbriefzentrale is also integrated into ZKB’s sustainability policy and code of conduct in this respect.

The Pfandbriefzentrale issues the Swiss Pfandbrief® on the Swiss capital market within the clearly defined legal framework¹ and grants loans to member banks against registered mortgage collateral to refinance the Swiss mortgage business. With an annual issue volume of several billion Swiss francs, the Pfandbriefzentrale is one of the largest issuers in Switzerland. It therefore plays a key role in the financial sector and bears responsibility towards its stakeholders as part of its business activities.

The Pfandbriefzentrale has no influence on the lending process for the mortgages provided by the member banks as coverage, nor does it have any direct right to issue instructions to the member banks regarding the lending process and mortgage lending guidelines. Responsibility for the management of the mortgage portfolio and any incentivisation of the corresponding clientele for the associated climate risks or energy-related renovations lies exclusively with the member banks.