Valiant Bank AG 4.000% Tier 2 Subordinated Write

Prospectus dated April 22, 2013
Valiant Bank AG
Berne, Switzerland
4.000% Tier 2 Subordinated Write-Down Bonds
2013–2023 of CHF 150 million
Issuer
Valiant Bank AG, Bundesplatz 4, 3011 Berne, Switzerland
Issue Price
The Syndicate Banks have purchased the Bonds at the price of 101.00 per cent. of the aggregate
principal amount of the Bonds (before commissions).
Placement Price
According to demand
Interest Rate
4.000 per cent. per annum, payable annually in arrear on April 24 in each year, first interest payment
on April 24, 2014, up to (and including) April 24, 2018 (the Reset Date). Interest shall accrue
from the Reset Date at a rate equal to the then prevailing 5-year CHF mid-swap rate plus 3.5525
per cent.
Duration
10 years, subject to Early Redemption
Issue Date
April 24, 2013
Redemption
Final Redemption on April 24, 2023.
Early Redemption
Early Redemption at par at the option of the Issuer on April 24, 2018 or upon occurrence of a
Regulatory Event or Tax Event (as defined in the Terms of the Bonds).
Assurances
No assurances
Form of the Bonds /
Delivery
The Bonds are issued as uncertificated securities (Wertrechte) in accordance with article 973c
of the Swiss Code of Obligations (CO) and, upon registration in the main register (Hauptregister),
will constitute intermediated securities (Bucheffekten); investors do not have the right to request
the delivery of individually certificated securities.
Denomination
CHF 5,000 per Bond
Trading
The Bonds have been provisionally admitted to trading on the SIX Swiss Exchange from April 22,
2013. The last trading day, subject to an Early Redemption, is expected to be April 19, 2023.
Listing
Will be applied for on the SIX Swiss Exchange.
Write-down
Upon occurrence of a Viability Event, the principal amount of the Bonds shall be permanently
written down to zero and the investors will not receive any repayment of principal under the Bonds.
Govering Law /
Jurisdiction
Swiss law / Place of Jurisdiction being Zurich, Switzerland
Selling Restrictions
United States of America and U.S. Persons, United Kingdom, European Economic Area
Joint Lead Manager and
Structuring Advisor
Credit Suisse
Joint Lead Managers
UBS AG
Zürcher Kantonalbank
Co-Lead Managers
BZ Bank
Aktiengesellschaft
Valiant Bank AG
Swiss Security Number: 21’000’989
ISIN: CH0210009897
Common Code: 091000245
SELLING RESTRICTIONS
United States of America and
U.S. persons
No substantial U.S. market interest: The Issuer reasonably believes that at
the time the offering of the Bonds began, there was no substantial U.S.
market interest in its debt securities in the meaning of Rule 902.(j) (2) of
Regulation S under the Securities Act of 1933 of the United States of
America.
(a)
The Bonds have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the Securities Act) and may
not be offered or sold within the United States of America (the United
States) except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act.
Each Syndicate Bank represents, warrants and agrees that it has not
offered or sold, and will not offer or sell, any Bonds constituting part
of their allotment within the United States or to or for the account or
benefit of United States persons except in accordance with Rule 903
of Regulation S under the Securities Act.
Each Syndicate Bank represents and agrees that neither it, its affiliates
nor any persons acting on its or their behalf have engaged or will
engage in any selling efforts directed to the United States with respect
to the Bonds.
Terms used in this paragraph have the meanings given to them by
Regulation S.
(b)
United Kingdom
European Economic Area
Each Syndicate Bank represents, warrants and agrees that it has not
entered and will not enter into any contractual arrangement with
respect to the distribution or delivery of the Bonds, except with its
affiliates or with the prior written consent of the Issuer.
Each Syndicate Bank represents, warrants and agrees that:
(a)
it has complied and will comply with all applicable provisions of the
Financial Services and Markets Act 2000 (the FSMA) with respect
to anything done by it in relation to the Bonds in, from or otherwise
involving the United Kingdom; and
(b)
it has only communicated or caused to be communicated and it will
only communicate or cause to be communicated any invitation or
inducement to engage in investment activity (within the meaning of
section 21 of the FSMA) received by it in connection with the issue
or sale of any Bonds in circumstances in which section 21(1) of the
FSMA does not apply to the Issuer.
In relation to each Member State of the European Economic Area, which
has implemented the Prospectus Directive (each, a Relevant Member
State), each Syndicate Bank represents and agrees that with effect from
and including the date on which the Prospectus Directive is implemented
in that Relevant Member State (the Relevant Implementation Date) it
has not made and will not make an offer of Bonds to the public in that
Relevant Member State except that it may, with effect from and including
the Relevant Implementation Date, make an offer of such Bonds:
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(a)
to the public in that Relevant Member State in the period beginning
on the date of publication of a prospectus in relation to the Bonds
which has been approved by the competent authority in that Relevant
Member State or, where appropriate, approved in another Relevant
Member State and notified to the competent authority in that Relevant
Member State, all in accordance with the Prospectus Directive, and
ending on the date which is 12 months after the date of such
publication; or
(b)
to any legal entity which is a qualified investor as defined in the
Prospectus Directive; or
(c)
to fewer than 100 or, if the Relevant Member State has implemented
the relevant provision of the 2010 PD Amending Directive, 150,
natural or legal persons (other than qualified investors as defined in
the Prospectus Directive), subject to obtaining the prior consent of
the Joint Lead Managers; or
(d)
in any other circumstances falling within Article 3(2) of the Prospectus
Directive;
provided that no such offer Bonds referred to in (b) to (d) above shall
require the Issuer or the Joint Lead Managers to publish a prospectus
pursuant to Article 3 of the Prospectus Directive, or supplement a
prospectus pursuant to Article 16 of the Prospectus Directive.
For the purposes of this provision, the expression an offer of Bonds to
the public in relation to any Bonds in any Relevant Member State means
the communication in any form and by any means of sufficient information
on the terms of the offer and the Bonds to be offered so as to enable an
investor to decide to purchase or subscribe the Bonds, as the same may
be varied in that Member State by any measure implementing the
Prospectus Directive in that Member State and the expression
Prospectus Directive means Directive 2003/71/EC (and amendments
thereto, including the 2010 PD Amending Directive, to the extent
implemented in the Relevant Member State), and includes any relevant
implementing measure in the Relevant Member State and the expression
2010 PD Amending Directive means Directive 2010/73/EU.
General
Neither the Issuer nor any of the Syndicate Banks represent that Bonds
may at any time lawfully be sold in compliance with any applicable registration or other requirements in any jurisdiction, or pursuant to any exemption available thereunder, or assumes any responsibility for facilitating such
sale. The distribution of the Prospectus and the offering of the Bonds in
certain jurisdictions may be restricted by law. Persons into whose possession the Prospectus comes are required by the Issuer to inform themselves
about and to observe any such restrictions. The Prospectus does not
constitute, and may not be used for or in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is
not authorised or to any person to whom it is unlawful to make such offer
or solicitation and no action is being taken in any jurisdiction that would
permit a public offering of the Bonds or the distribution of the Prospectus
in any jurisdiction where action for that purpose is required.
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TABLE OF CONTENTS
Page
Subscription offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Selling Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Information about the Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Information about the Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Negative Confirmation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Responsibility Statement / Signature Page . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Annex
The information set forth in the Annex is an integral part of this Prospectus.
Annex I
Annual Financial Statements for the year ended December 31, 2012 of Valiant Bank AG (pages
126–155 of the Annual Report for the year ended December 31, 2012 of Valiant Holding AG and
Valiant Bank AG)
Annex II
Press Release of April 17, 2013
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GENERAL INFORMATION
Authorisation
Pursuant to a resolution of the board of directors of the Issuer dated February 28, 2013 and the Bond Purchase
Agreement dated April 22, 2013 among the Issuer on the one side and Credit Suisse AG (Credit Suisse),
UBS AG, Zürcher Kantonalbank (together with Credit Suisse collectively, the Joint Lead Managers), BZ Bank
Aktiengesellschaft and Valiant Bank AG (the Co-Lead Managers, together with the Joint Lead Managers collectively, the Syndicate Banks) on the other side, the Issuer has decided to issue the
4.000% Tier 2 Subordinated Write-Down Bonds 2013–2023 of CHF 150,000,000
(the Bonds).
Underwriting
The Bond Purchase Agreement provides for the undertaking of the Syndicate Banks to subscribe for the Bonds.
The Syndicate Banks reserve the right to take the bonds partially or entirely in their own holdings.
Use of Net Proceeds
The net proceeds from the issue of the Bonds, being the amount of CHF 148,810,000 (the Net Proceeds) will be
used by the Issuer for its general corporate purposes. None of the Syndicate Banks shall have any responsibility
for, or be obliged to concern itself with, the application of the Net Proceeds of the Bonds.
Representation
In accordance with article 43 of the Listing Rules of the SIX Swiss Exchange Ltd, Credit Suisse has been appointed
by the Issuer as representative to lodge the listing application with the SIX Swiss Exchange Ltd.
Notice
The financial institutions involved in the issuance and offering of these Bonds are banks, which directly or indirectly
have participated, or may participate, in financing transactions and/or other banking business with the Issuer, which
are not disclosed herein.
Incorporation by Reference
The information on the Issuer contained in the following pages of the Annual Report for the year ended December 31, 2012 of Valiant Holding AG and Valiant Bank AG is incorporated into, and forms an integral part of, this
Prospectus by reference: pages 16–22 and pages 40–42.
Documents Available
Copies of this Prospectus and the Annual Report for the year ended December 31, 2012 of Valiant Holding AG
and Valiant Bank AG certain pages of which incorporated by reference are available at Credit Suisse AG,
Uetlibergstrasse 231, CH-8070 Zurich, Switzerland, or may be obtained upon request by telephone (+41 44 333
31 60), fax (+41 44 333 67 86) or e-mail to [email protected].
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RISK FACTORS
A) Risks relating to the Issuer
The Issuer’s operating performance could be adversely affected by an economic downturn or fluctuations in the financial as well as the real estate markets
A protracted economic downturn in Switzerland, in the Cantons in which the Issuer conducts its business and/or
globally or continued volatility in the financial markets could have an adverse effect on the Issuer’s business, financial
condition and results of operations. Factors such as interest rates, inflation, deflation, investor sentiment, the availability and cost of credit, the liquidity of the global financial markets and the level and volatility of equity prices can
significantly affect the activity level of customers and the profitability of the Issuer. Furthermore, a deterioration or
slump in the market for residential or other real estate in Switzerland and in particular in the Cantons in which the
Issuer conducts its business could negatively affect the Issuer’s mortgage business.
The Issuer faces competition from other market participants
All aspects of the Issuer’s business are highly competitive. While the Issuer is striving to deliver excellent client
service to meet highest industry standards, the Issuer’s ability to compete effectively depends on many factors,
including its ability to maintain its reputation, the quality of its services and advice, its intellectual capital, product
innovation, execution ability, pricing, sales efforts and the talent of its employees. Any failure by the Issuer to maintain
its competitive position could have an adverse effect on the Issuer’s business, financial condition and results of
operations.
The Issuer is exposed to third-party credit risk, and financial or other problems experienced by third
parties that may adversely affect the Issuer’s business, financial condition and results of operations
Typical for a banking operation, the Issuer is exposed to the risk that third parties the Issuer lent money, securities
or other assets will not perform their obligations. These parties include the Issuer’s clients, trading counterparties,
clearing agents, exchanges, clearing houses and other financial institutions. Even though the Issuer’s exposure to
these counterparties is subject to in-depth scrutiny in order to reasonably reduce the risk, such parties may default
on their obligations to the Issuer due to lack of liquidity, operational failure, bankruptcy or other reasons. The risk of
counterparty default has become increasingly relevant in the current challenging operating environment and volatile
financial markets. Therefore, credit losses exceeding the long-term average could occur despite the Issuer’s best
efforts to manage its credit risk and could have an adverse effect on the Issuer’s business, financial condition and
results of operations.
A deterioration of the Issuer’s credit ratings could result in increased funding costs and may harm
clients’ perception of the Issuer
A deterioration in the Issuer’s credit ratings or a negative outlook by a rating agency could result in increased funding
costs and may limit its funding sources. In addition, rating downgrades may limit the Issuer’s ability to conduct certain
businesses or may cause clients to be reluctant to do business with the Issuer. Due to the potentially negative
consequences of a credit rating downgrade on the Issuer’s funding costs and options, a reduction in the Issuer’s
credit ratings could have an adverse effect on the Issuer’s business, financial condition and results of operations.
The Issuer’s operating performance could be adversely affected by sudden and substantial changes
in interest rates
Unexpected and erratic changes in interest rates can affect the level of the Issuer’s net interest income. Since
funding costs and interest earnings do not necessarily correlate in all interest rate environments, movements in
overall interest rate levels as well as in the slope of the yield curve can influence the Issuer’s net interest income.
Moreover, interest rate movements may have an impact on market prices for various classes of financial assets,
including the Issuer’s assets under management. Despite its best efforts to manage this interest rate risk, the Issuer’s
business, financial condition and results of operations could be adversely affected by sudden and substantial
changes in interest rates.
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Inability to preserve a stable funding and liquidity position could adversely affect the Issuer’s operating
performance and financial condition
Despite actively managing its funding and liquidity position and ensuring sufficient liquidity at a specific point in
time, the Issuer faces liquidity risk. Liquidity risk, i.e. the risk of being unable to meet (re)payment obligations when
they become due, is inherent in any banking operation and could adversely affect the Issuer’s business, financial
condition and results of operations.
Operational risks may disrupt the Issuer’s businesses, result in regulatory action against it or adversely
impact the Issuer’s operating performance
Despite having effective processes and controls in place, the Issuer faces operational risks. Operational risk is
defined as the risk of loss resulting from inadequate or failed internal processes and systems, people or from external
events which adversely impact the operations of the Issuer (excluding financial risks such as, inter alia, financial
market risks and counterparty risks). In particular in view of the broad spectrum of operational risks, the realization
of one or more of these risks could have adverse effects on the Issuer’s business, financial condition and results of
operations.
The Issuer could be adversely affected by ongoing developments in the private banking industry
Ongoing discussions around the Swiss banking client confidentiality laws and low-tax jurisdictions in general, the
demanded heightened transparency and the exchange of information on tax matters by several jurisdictions as well
as heightened regulatory scrutiny have led to increased pressure on wealth management operations in Switzerland.
These developments could have an adverse effect on banks in Switzerland in general and could have an adverse
effect on the Issuer’s business, financial condition and results of operations.
The Issuer’s reputation is key for its business operations as a bank and if that reputation is harmed,
the Issuer may not be able to retain and attract clients and its operating performance may suffer
The Issuer is exposed to the risk that negative or adverse publicity, media speculation and threatened or actual legal
proceedings concerning the Issuer’s business or the Issuer’s clients will harm its reputation. Negative publicity or
potential or actual legal proceedings may result in greater regulatory scrutiny and influence market perception of
the Issuer, resulting in clients to leave the Issuer or difficulty to attract new clients. Any of these negative effects
could adversely affect the Issuer’s business, financial condition and results of operations.
Legal obligations and disputes can expose the Issuer to inherent risks which could adversely affect
its operating performance
The Issuer is subject to legal obligations. Therefore the Issuer faces risks where legal proceedings may be brought
against it. Regardless of whether such claims have merit, the outcome of legal proceedings is inherently uncertain
and could result in financial loss. The outcome of such proceedings cannot be determined in advance. Defending
legal proceedings can be expensive and time-consuming and there is no guarantee that all costs incurred will be
recovered even if the Issuer is successful. It is the assumption of the Issuer that the currently pending proceedings
will not have any significant detrimental effect on the operating performance of the Issuer. Although the Issuer has
processes and controls to manage legal risks, failure to manage these risks could have a negative impact on the
Issuer’s reputation and could have an adverse effect on the Issuer’s business, financial condition and results of
operations.
The Issuer is exposed to the risk of losses as a result of employee fraud, misconduct or improper
practice
Fraud, misconduct, improper practice or failure or perceived failure by the Issuer’s employees to comply with legal,
regulatory or compliance requirements or their duty of care when advising clients could expose the Issuer to the
risk of adverse publicity and damage to its reputation and lead to increased regulatory supervision, affect the Issuer’s
ability to attract and retain customers, maintain access to the capital markets, result in lawsuits, enforcement actions,
fines and penalties or have other adverse effects on the Issuer in ways that are not predictable.
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The Issuer faces risk from failure to comply with and react to regulatory or legal changes
The Issuer’s businesses are subject to detailed, comprehensive laws and regulations as well as supervision in
Switzerland. Changes in existing laws and regulations may affect the way in which the Issuer conducts its business.
Regulatory agencies have broad administrative power over many aspects of the financial services business, which
may include liquidity, capital adequacy and permitted investments, ethical issues, money laundering, “know your
customer” rules, privacy, record keeping, and marketing and selling practices. Banking, insurance and other financial
services laws, regulations and policies currently governing the Issuer may change at any time in ways which have
an adverse effect on its business, and the Issuer cannot predict the timing or form of any future regulatory or
enforcement initiatives in respect thereof. Also, regulators and other supervisory authorities in Switzerland and
elsewhere continue to scrutinize payment processing and other transactions under regulations governing such
matters as money-laundering, prohibited transactions with countries subject to sanctions, tax evasion and bribery
or other anti-corruption measures. Despite the Issuer’s best efforts to comply with applicable regulations, there are
a number of risks in areas where applicable regulations may be unclear or where regulators revise their previous
guidance or courts overturn previous rulings. Regulators and other authorities have the power to bring administrative
or judicial proceedings against the Issuer, which could result, among other things, in significant adverse publicity
and reputational harm, suspension or revocation of licenses, cease-and-desist orders, fines, civil penalties, criminal
penalties or other disciplinary action.
The Issuer is subject to the risk, inherent in all regulated financial businesses, of having insufficient
capital resources to meet the minimum regulatory capital requirements
Any failure of the Issuer to maintain its minimum regulatory capital ratios could result in administrative actions or
sanctions, which in turn may have an adverse impact on the Issuer’s business, financial condition and results of
operations. Furthermore, shortage of available capital might restrict the Issuer’s opportunities for expansion.
Terrorist acts, other acts of war or hostility, geopolitical, pandemic or other such events could
adversely affect the Issuer’s operating performance
Terrorist acts, other acts of war or hostility, geopolitical, pandemic or other such events and responses to those
acts/events may create economic and political uncertainties, which could have a negative impact on Swiss and
international economic conditions generally, and more specifically on the business and results of the Issuer in ways
that cannot necessarily be predicted. The occurrence of any such event could have an adverse effect on the Issuer’s
business, financial condition and results of operations.
Failure of attracting and retaining key management and employees could adversely affect the Issuer’s
operating performance
The Issuer’s success depends to a great extent on the ability and experience of its senior management and other
key employees. The loss of the services of certain key employees, particularly to competitors, could have an adverse
effect on the Issuer’s results of operations. The failure to attract or retain a sufficient number of qualified employees
could significantly impede the Issuer’s financial plans, growth and other objectives and have an adverse effect on
the Issuer’s results of operations.
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B) Risks relating to the Bonds
The Bonds may not be a suitable investment for all investors
Each potential investor in the Bonds must determine the suitability of that investment in light of its own circumstances.
In particular, each potential investor should:
•
have sufficient knowledge and experience to make a meaningful evaluation of the Bonds, the merits and risks
of investing in the Bonds and the information contained or any applicable supplement;
•
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular
financial situation, an investment in the Bonds and the impact the Bonds will have on its overall investment
portfolio;
•
have sufficient financial resources and liquidity to bear all of the risks of an investment in the Bonds, including
where the currency for principal or interest payments is different from the potential investor’s currency;
•
understand thoroughly the terms of the Bonds and be familiar with the behaviour of any relevant financial
markets; and
•
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest
rate and other factors that may affect its investment in and its ability to bear the applicable risks of the Bonds.
The Bonds are complex financial instruments. Sophisticated institutional investors generally do not invest in complex
financial instruments as stand-alone investments. They purchase complex financial instruments as a way to reduce
risk or enhance yield with an understood, measured, appropriate addition of risk to their overall portfolios. A potential
investor should not invest in the Bonds unless it has the expertise (either alone or with the assistance of a financial
adviser) to evaluate how the Bonds will perform under changing conditions, the resulting effects on the value of the
Bonds and the impact this investment will have on the potential investor’s overall investment portfolio.
The Bonds will be subject to optional redemption by the Issuer on the Reset Date, upon the occurrence
of a Regulatory Event and upon the occurrence of a Tax Event
Unless previously redeemed or purchased and cancelled, or written-down, the Issuer will redeem the Bonds on the
Maturity Date at their principal amount together with any accrued and unpaid interest to such date. However, the
Bonds may be redeemed, at the option of the Issuer, subject to it having received the consent of the FINMA, in
whole or in part on the Reset Date, at their principal amount together with any accrued and unpaid interest up to
(and including) the redemption date. FINMA’s consent for an early redemption of the Bonds will be subject to (i) the
availability of sufficient regulatory capital following such early redemption, or (ii) the issuance of regulatory capital of
the same or higher quality than the Bonds to replace the Bonds.
In addition, upon the occurrence of a Regulatory Event or a Tax Event, the Issuer shall have the option, subject to it
having received the consent of the FINMA in the case of a Tax Event, to redeem, in whole but not in part, the Bonds
at their principal amount, together with any accrued and unpaid interest up to (and including) the redemption date.
During the period when the Issuer may elect to redeem the Bonds, the market value of the Bonds generally should
not be expected to rise substantially above the price at which they can be redeemed. This may also be true prior to
any redemption period. Upon an early redemption, investors may not be able to reinvest the redemption proceeds
at an effective interest rate as high as the interest rate on the Bonds being redeemed and may only be able to do
so at a significantly lower rate. Potential investors should consider reinvestment risk in light of other investments
available at that time.
Because the Bonds are a novel type of security, no public market exists for the Bonds and there are
uncertainties regarding the existence of any trading market for the Bonds
Because the Bonds contain a so-called “point of non-viability” (PONV) Write-Down clause, pursuant to which the
Bonds will be written-down upon a Viability Event, the Bonds are a novel type of security for which there is currently
no active trading market. Although the Bonds are expected to be provisionally admitted to trading on the SIX Swiss
Exchange from April 22, 2013 and application will be made for the Bonds to be listed on the SIX Swiss Exchange,
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there can be no guarantee that such applications will be accepted or that an active trading market in the Bonds will
develop. Accordingly, there can be no assurance as to the development or liquidity of any trading market for the
Bonds. Illiquidity may have a severely adverse effect on the market value of the Bonds.
If the Bonds are traded after their initial issuance, they may trade at a discount to their issue price, depending upon
prevailing interest rates, the market for similar securities, general economic conditions, fluctuations in the Issuer’s
capital ratios and credit rating, and investors’ general perception of the credit risk of the Issuer. Therefore, investors
may not be able to sell their Bonds easily or at prices that will provide them with a yield as anticipated or comparable
to similar investments that have a developed secondary market.
The market value of the Bonds may be influenced by unpredictable factors
Many factors, most of which are beyond the Issuer’s control, will influence the value of the Bonds and the price, if
any, at which market participants may be willing to purchase or sell the Bonds in the secondary market, including:
•
the creditworthiness of the Issuer and, in particular, the level of the Issuer’s capital ratio, credit rating or
perceived viability from time to time;
•
legislative or regulatory changes as a result of which the Bonds cease to be qualified as Tier 2 Instruments, or
uncertainty relating to future legislative or regulatory changes, which may, among other things, affect the ability
of investors to accurately value the Bonds and materially adversely affect the secondary market price of the
Bonds;
•
supply and demand for the Bonds; and
•
economic, financial, political or regulatory events or judicial decisions that affect the Issuer or the financial
markets generally.
Accordingly, if a Holder sells its Bonds in the secondary market, it may not be able to obtain a price equal to the
principal amount of the Bonds or a price equal to the price that it paid for the Bonds.
In certain instances the Issuer could substitute or vary the terms of the Bonds
If at any time the Bonds are not, or cease to be, eligible to be treated in their entirety as Tier 2 Instruments, in addition
to its option to redeem the Bonds, the Issuer has the option without the need for any consent of the Bondholders,
to substitute all (but not some only) of the Bonds for, or vary the terms of the Bonds. While the Issuer cannot make
changes to the terms of the Bonds that materially adversely affect the collective rights of Bondholders, no assurance
can be given as to whether any of these changes will negatively affect any particular Bondholder. In addition, the tax
and stamp duty consequences of holding such substituted or varied bonds could be different for some categories
of Bondholders from the tax and stamp duty consequences for them of holding the Bonds.
The Issuer’s obligations in respect of the Bonds are subordinated
The Issuer’s obligations under the Bonds will be unsecured and subordinated. The claims of the holders in respect
of the Bonds will, in the event of any insolvency proceedings, rank (subject to any obligations mandatorily preferred
by law and subject to a Write-Down as defined in Condition 4) (i) junior to the claims of all holders of unsubordinated
obligations of the Issuer, (ii) pari passu with the claims of holders of all other subordinated obligations of the Issuer,
except any obligations arising under Tier 1 Instruments and obligations expressed to rank junior to the Bonds and
(iii) senior to any obligations expressed to rank junior to the Bonds, Tier 1 Instruments and any other equity
instruments (Beteiligungsrechte) of the Issuer.
By virtue of such subordination, and in addition to the risks resulting from the occurrence of a Viability Event, the
claims of holders of all unsubordinated obligations of the Issuer will first have to be satisfied in any winding-up or
analogous proceedings of the Issuer before the Bondholders may expect to receive from the Issuer any recovery in
respect of their claims.
A Bondholder may therefore recover less than the holders of unsubordinated liabilities of the Issuer. Furthermore,
the Conditions will not limit the amount of the liabilities ranking senior to, or pari passu with, the Bonds, as the case
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may be, which may be incurred or assumed by the Issuer from time to time, whether before or after the Issue Date.
Subject to applicable law, no Bondholder may exercise, claim or plead any right of set-off in respect of any amount
owed to it by the Issuer in respect of, or arising under or in connection with, the Bonds and each Bondholder shall,
by virtue of his holding, be deemed to have waived all such rights of set-off.
Although the Bonds may pay a higher rate of interest than comparable bonds which are not subordinated, there is
a real risk that an investor in the Bonds will, by virtue of their subordination, lose all or some of his investment should
the Issuer become insolvent or analogous insolvency proceedings occur in respect of it.
If the Issuer experiences financial difficulties, FINMA has the power to open resolution or liquidation
proceedings in respect of, and/or impose protective measures in relation to, the Issuer, which proceedings or measures may have a material adverse effect on the terms and market value of the Bonds
and/or the ability of the Issuer to make payments thereunder
Pursuant to article 25 et seq. of the Swiss Banking Act, FINMA has broad statutory powers to take measures and
actions in relation to the Issuer, if it is (i) overindebted, (ii) has serious liquidity problems, or (iii) fails to fulfil the
applicable adequacy provisions after expiry of a deadline set by FINMA. If one of these pre-requisites is met, FINMA
is authorised (a) to open resolution proceedings (Sanierungsverfahren), (b) to open liquidation (bankruptcy) proceedings (Bankenkonkurs) in respect of, and/or (c) to impose protective measures (Schutzmassnahmen) in relation to,
the Issuer. The Swiss Banking Act, as last amended as of 1st September 2011 and 1st March 2012, grants
significant discretion to FINMA in connection with the aforementioned proceedings and measures.
In particular, protective measures that may be imposed by FINMA in relation to the Issuer include a broad variety of
measures, such as a bank moratorium (Stundung) or a maturity postponement (Fälligkeitsaufschub), and may be
ordered by FINMA either on a stand-alone basis or in connection with resolution or liquidation proceedings.
The resolution regime of the Swiss Banking Act is further detailed in the Swiss Banking Insolvency Ordinance that
entered into force as of 1st November 2012. In a resolution proceeding (Sanierungsverfahren), FINMA as resolution
authority is competent to approve the resolution plan (Sanierungsplan). The resolution plan may, among other things,
provide for (i) the transfer of the Issuer’s assets or parts thereof with assets and debt as well as contracts (including
the contractual relationship between the Issuer and the Bondholders) to another entity, (ii) the conversion of the
Issuer’s debt or other obligations into equity (a “debt-to-equity swap”), and/or (iii) the partial or full write-off of the
Issuer’s obligations (a “haircut”). Pursuant to article 48 lit. a–c of the Swiss Banking Insolvency Ordinance, a debtto-equity swap and/or a partial or full haircut on debt instruments may only take place after (i) all debt instruments
issued by the Issuer qualifying as additional tier 1 capital or tier 2 capital have been converted into equity, and (ii)
the existing equity of the Issuer has been fully cancelled. Further, pursuant to article 48 lit. d of the Swiss Banking
Insolvency Ordinance, debt-to-equity swaps (but arguably not haircuts) must occur in the following order: (i) all
subordinated claims not qualifying as regulatory capital, (ii) all other claims not excluded by law from a debt-toequity swap, and (iii) deposits (in excess of the amount privileged by law). With respect to a haircut, the Swiss
Banking Insolvency Ordinance does not contain any guidance as to the order in which different categories of claims
shall be partially or fully written off.
While the terms of the Bonds provide for a contractual write-down of the Bondholders claims under the Bonds
(bedingte Aufhebung einer Forderung durch Übereinkunft) upon the occurrence of a Viability Event, it cannot be
excluded that the Bondholders claims will not be adversely affected as well or instead under the bank resolution
regime as described above. Also, FINMA may decide that a Viability Event has occurred and require the Bonds to
be fully written down based on the relevant provisions contained in the terms of the Bonds regardless of whether
or not the abovementioned conditions for exercising its statutory powers are met and/or without respecting the
principles and safeguards that apply to measures taken by FINMA in a formal resolution or liquidation proceeding.
Bondholders’ right to receive repayment of the principal amount of the Bonds and right for interest
not due and payable on a Write-Down Date will be written-down upon the occurrence of a Viability
Event
All Bonds will, following the occurrence of a Viability Event, be written down to zero. A Write-Down shall not constitute an Event of Default under the Conditions. By subscribing for or otherwise acquiring the Bonds, the Bondholders
have irrevocably waived their right to receive repayment of the principal amount of the Bonds and all accrued and
unpaid interest thereon that has not become due and payable prior to the relevant Write-Down Date. Further to
such Write-Down, the Bondholders no longer have any rights against the Issuer with respect to such amounts.
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“Viability Event” means that either: (a) the Regulator has notified the Issuer that it has determined that the writedown of the Bonds, together with the conversion or write-down of holders’ claims in respect of any other Tier 1
Instruments and Tier 2 Instruments that, pursuant to their terms or by operation of law, are capable of being converted
into equity or written down at that time, is, because customary measures to improve the Issuer’s capital adequacy
are at the time inadequate or unfeasible, an essential requirement to prevent the Issuer from becoming insolvent,
bankrupt or unable to pay a material part of its debts as they fall due, or from ceasing to carry on its business; or (b)
customary measures to improve the Issuer’s capital adequacy being at the time inadequate or unfeasible, the Issuer
has received an irrevocable commitment of extraordinary support from the Public Sector (beyond customary transactions and arrangements in the ordinary course) that has, or imminently will have, the effect of improving the Issuer’s
capital adequacy and, without which, in the determination of the Regulator, the Issuer would have become insolvent,
bankrupt, unable to pay a material part of its debts as they fall due or unable to carry on its business.
The circumstances triggering a Write-Down are unpredictable
The occurrence of a Viability Event is inherently unpredictable and depends on a number of factors, many of which
are outside of the Issuer’s control. The occurrence of a Viability Event is subject to, inter alia, a subjective determination by FINMA, the regulator of the Issuer. As a result, FINMA may require a Write-Down in circumstances that are
beyond the control of the Issuer and with which the Issuer does not agree.
Limited Acceleration Rights
There are only limited acceleration rights in respect of the Bonds. Events of default permitting acceleration are
limited to bankruptcy or insolvency, general assignment, arrangement and composition of the Issuer.
Interest rate risk
Investment in the Bonds involves the risk that subsequent changes in market interest rates may adversely affect the
value of the Bonds.
The interest rate on the Bonds will reset on the Reset Date
The Bonds will initially earn interest at the fixed rate of 4.000 per cent. per annum until (but excluding) the Reset
Date (unless previously redeemed, purchased and cancelled or written-down. From (and including) the Reset Date,
however, the interest rate will be reset to a rate, which will equal the aggregate of the Margin and the Benchmark
Rate. This reset rate could be less than 4.000 per cent. and could affect the market value of an investment in the
Bonds.
The Bonds are not deposit liabilities of the Issuer
The Bonds are not deposit liabilities of the Issuer and will not be covered by the Swiss Banks and Securities Dealers’
Depositor Protection Association (Einlagensicherung) nor any other government compensation or insurance scheme.
The Bonds are the obligations of the Issuer only and Bondholders must solely look to the Issuer for the performance
of its obligations under the Bonds. The Holders may lose their entire investment in the Bonds.
The Bonds are not and will not be rated
The Issuer does not intend to have the Bonds rated.
Change of law
The conditions of the Bonds are based on Swiss law and enter into effect at the Issue Date. No assurance can be
given as to the impact of any possible judicial decision or change to Swiss law or administrative practice in
Switzerland after the date of this Prospectus.
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Exchange rate risk and exchange controls
The Issuer will pay principal and interest on the Bonds in CHF. This presents certain risks relating to currency conversions if an investor’s financial activities are denominated principally in a currency or currency unit (the Investor’s
Currency) other than CHF. These include the risk that exchange rates may significantly change (including changes
due to devaluation of the CHF or revaluation of the Investor’s Currency) and the risk that authorities with jurisdiction
over the Investor’s Currency may impose or modify exchange controls. An appreciation in the value of the Investor’s
Currency relative to CHF would decrease (1) the Investor’s Currency equivalent yield on the Bonds, (2) the Investor’s
Currency-equivalent value of the principal payable on the Bonds and (3) the Investor’s Currency-equivalent market
value of the Bonds. Government and monetary authorities may impose (as some have done in the past) exchange
controls that could adversely affect an applicable exchange rate. As a result, investors may receive less interest or
principal than expected, or no interest or principal.
Legal investment considerations may restrict certain investments
The investment activities of certain investors are subject to legal investment laws and regulations, or review or regulation by certain authorities. Each potential investor should consult its legal advisers to determine whether and to what
extent (1) the Bonds are legal investments for it, (2) the Bonds can be used as collateral for various types of borrowing and (3) other restrictions apply to its purchase or pledge of the Bonds. Financial institutions should consult their
legal advisors or the appropriate regulators to determine the appropriate treatment of the Bonds under any applicable
risk-based capital or similar rules.
No legal, tax or other advice
This Prospectus is not intended to be, nor should it be construed to be legal, tax or other advice. Each prospective
investor should consult its own advisors as to legal, tax and other aspects of an investment in the Bonds.
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INFORMATION ABOUT THE BONDS
The terms and conditions of the Tier 2 Subordinated Write-Down Bonds (each a Condition, and together the
Terms of the Bonds) issued by the Issuer, are as follows:
1
2
Amount, Form of the Bonds, Denomination, Custodianship and Transfer of the Bonds
(a)
The initial aggregate principal amount of the Tier 2 Subordinated Write-Down Bonds of Swiss francs
(CHF) CHF 150,000,000 (in words: one hundred and fifty million Swiss francs) (the Aggregate Principal
Amount) is divided into bonds (each a Bond and collectively the Bonds) with denominations of
CHF 5,000 (five thousand Swiss francs) per Bond (the Principal Amount).
(b)
The Bonds are issued as uncertificated securities (Wertrechte) in accordance with art. 973c of the Swiss
Code of Obligations.
(c)
The uncertificated securities (Wertrechte) will be entered by the Principal Paying Agent into the main
register (Hauptregister) of SIX SIS or any other intermediary in Switzerland recognised for such purposes
by SIX Swiss Exchange (SIX SIS or any such other intermediary, the Intermediary). Once the
uncertificated securities (Wertrechte) are registered in the main register (Hauptregister) of the Intermediary
and entered into the accounts of one or more participants of the Intermediary, the Bonds will constitute
intermediated securities (Bucheffekten) (Intermediated Securities) in accordance with the provisions
of the Swiss Federal Intermediated Securities Act (Bucheffektengesetz).
(d)
So long as the Bonds are Intermediated Securities (Bucheffekten), the Bonds may only be transferred
by the entry of the transferred Bonds in a securities account of the transferee.
(e)
The records of the Intermediary will determine the number of Bonds held through each participant of that
Intermediary. In respect of Bonds held in the form of Intermediated Securities, the holders of such Bonds
(together the Holders and each a Holder) will be the persons holding the Bonds in a securities account
(Effektenkonto) which is in their name, or in case of intermediaries (Verwahrungsstellen), the intermediaries (Verwahrungsstellen) holding the Bonds for their own account in a securities account (Effektenkonto) which is in their name.
(f)
The conversion of the uncertificated securities (Wertrechte) into a permanent global certificate (Globalurkunde) or individually certificated bonds (Wertpapiere) is excluded. Neither the Issuer nor the Holders
nor the Principal Paying Agent nor any third party shall at any time have the right to effect or demand the
conversion of the uncertificated securities (Wertrechte) into, or the delivery of a permanent global
certificate (Globalurkunde) or individually certificated securities (Wertpapiere). No physical delivery of
the Bonds shall be made.
Interest
2.1 Initial Interest Rate
The Bonds bear interest on their Principal Amount at a fixed rate of 4.000 per cent. per annum (the Initial
Interest Rate) from (but excluding) April 24, 2013 (the Issue Date) up to (and including) April 24, 2018
(the Reset Date), payable annually in arrear on April 24 in each year (each, an Initial Interest Rate Payment
Date).
2.2 Reset Interest Rate
From (but excluding) the Reset Date, to (and including) April 24, 2023 (the Maturity Date), the Bonds bear
interest on their Principal Amount at the Reset Interest Rate per annum as determined by the Principal Paying
Agent in accordance with this Condition 2.2, payable annually in arrear on April 24 in each year (each a Reset
Interest Rate Payment Date and, together with the Initial Interest Rate Payment Dates, the Interest
Payment Dates).
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The Reset Interest Rate will be determined by the Principal Paying Agent as the sum of (i) the relevant
5-year Mid Swap Rate, and (ii) the Initial Credit Spread.
The Reset Interest Rate shall be published in accordance with Condition 12 as soon as possible after its
determination but in no event later than the third Business Day thereafter.
5-year Mid Swap Rate means the 5-year CHF mid market swap rate calculated on the basis of the rates
displayed on ISDAFIX page “CHFSFIX” (or such other page as may replace that page on ISDAFIX, or such
other service as may be nominated by the person providing or sponsoring the information appearing there for
the purposes of displaying comparable rates) at 11.00 a.m. (London) on the Interest Determination Date. If
such 5-year CHF mid market swap rate does not appear on that page, it shall be determined by the Principal
Paying Agent on the basis of (i) quotations provided by the principal office of each of four major banks in the
CHF swap market of the rates at which swaps in CHF are offered by it at approximately 11.00 a.m. (London)
on the Interest Determination Date to participants in the CHF swap market for the period starting on the Reset
Date and ending on the Maturity Date; and (ii) the arithmetic mean rounded, if necessary, to the nearest
0.00001 (0.000005 being rounded upwards) of such quotations.
Initial Credit Spread means 3.5525 per cent.
Interest Determination Date means the fifth Business Day prior to the Reset Date.
2.3 General
Interest on the Bonds is computed on the basis of a 360-day year of twelve 30-day months.
If any Interest Payment Date falls on a day which is not a Business Day, the relevant payment will be made on
the immediately following Business Day. Holders shall not be entitled to demand additional interest or any
other payment in respect of such delay.
If no Write-Down according to Condition 4 occurs, interest on the Bonds accrues up to (and including) the
date set for redemption pursuant to Condition 3. If the Bonds are not redeemed when due, interest shall
continue to accrue up to (and including) the day when the Bonds are redeemed.
If a Write-Down according to Condition 4 occurs, interest on the Bonds which accrues up to (and including)
the Write-Down Date (as defined below) but is unpaid shall also be written-down and the Holders shall no
longer have any rights whatsoever against the Issuer with respect to such interest.
3
Redemption, Purchase and Cancellation
(a)
Redemption at Maturity
Unless previously redeemed, the Issuer undertakes to repay all outstanding Bonds at their Principal
Amount, without further notice on the Maturity Date.
(b)
Redemption at the option of the issuer
Subject to Condition 3(f), the Issuer may elect to redeem the Bonds, in whole but not in part, on the
Reset Date at their Principal Amount, together with any accrued interest up to (and including) the Reset
Date, by giving not less than thirty (30) days’ notice to the Holders in accordance with Condition 12.
(c)
Redemption upon a Tax Event
If at any time after the issue of the Bonds a Tax Event occurs and is continuing, the Issuer may subject to
Condition 3(f), redeem the Bonds, in whole but not in part, by giving not less than thirty (30) days’ notice
(which notice shall be irrevocable) (the date on which such notice has been given, the Tax Event
Redemption Notice Date) to the Holders in accordance with Condition 12 and notifying the date fixed
for redemption (the Tax Event Redemption Date), at their Principal Amount together with any accrued
but unpaid interest up to (and including) the Tax Event Redemption Date. Notwithstanding the foregoing,
the Issuer shall deliver to the Holders’ Representative a certificate signed by any two members, at that
time, of the management (Geschäftsleitung) of the Issuer stating that the relevant requirement or
15
circumstance giving rise to the right to redeem is satisfied and the reasons therefor and such certificate
shall be conclusive and binding on the Holders.
A Tax Event means that an opinion of a recognised law firm or other advisor in Switzerland experienced
in such matters has been delivered to the Issuer stating that due to a change in law, ruling or interpretation,
the Issuer is, or there is more than an insubstantial risk that the Issuer will be, no longer able to obtain a
tax deduction for purposes of Swiss corporation tax for any payment of interest on the Bonds and this
cannot be avoided by the Issuer taking such reasonable measures without any material adverse effect or
material cost, as it, acting in good faith, deems appropriate.
(d)
Redemption upon a Regulatory Event
Upon the occurrence of a Regulatory Event, the Issuer may, at any time, redeem the Bonds, in whole but
not in part, by giving not less than thirty (30) days’ notice (which notice shall be irrevocable) (the date on
which such notice has been given, the Regulatory Event Redemption Notice Date) to the Holders
in accordance with Condition 12 and notifying the date fixed for redemption (the Regulatory Event
Redemption Date), at their Principal Amount together with any accrued but unpaid interest to (and
including) the Regulatory Event Redemption Date. Notwithstanding the foregoing, the Issuer shall deliver
to the Principal Paying Agent a certificate signed by any two members, at that time, of the management
(Geschäftsleitung) of the Issuer stating that the relevant requirement or circumstance giving rise to the
right to redeem is satisfied and the reasons therefor and such certificate shall be conclusive and binding
on the Holders.
A Regulatory Event is deemed to have occurred if the Issuer is notified in writing by the Regulator to
the effect that the Bonds are not, or cease to be, eligible in their entirety to be treated as Tier 2 Capital
(Ergänzungskapital) of the Issuer.
(e)
Purchases
Subject to Condition 3(f), the Issuer or any Subsidiary may, either directly or indirectly, at any time
purchase Bonds at any price, in the open market or otherwise. Any purchase shall be made in accordance
with applicable laws or regulations, including applicable stock exchange regulations. Such Bonds may
be held, resold or, at the option of the Issuer, surrendered to the Principal Paying Agent for cancellation
as set out below.
If purchases are made by public tender, such tender must be available to all Holders alike.
(f)
Conditions to Redemption and Purchases
Any redemption or purchase of the Bonds, except a redemption following a Regulatory Event, is subject
to no Viability Event having occurred and the Issuer:
(i)
receiving the prior approval of the Regulator, if then required, and
(ii)
is either (x) in compliance with the Capital Requirements immediately before and after such redemption or (y) has replaced the amount redeemed with capital of at least the same regulatory category,
provided that no approval of the Regulator is required for:
(i)
purchases made in connection with stabilization measures, and
(ii)
purchases made in connection with market making in the Bonds
Capital Requirements means the capital requirements applicable to the Issuer under National
Regulations, as currently listed in article 41 of the Swiss Federal Ordinance on Capital Adequacy and
Risk Diversification for Banks and Securities Dealers of June 1, 2012.
National Regulations means the prevailing national banking and capital adequacy laws and regulations
in Switzerland, promulgated on a federal and cantonal level and by the Regulator, each of which implementing the Basel III Regulations into national law that are directly applicable to the Issuer.
16
(g)
Cancellation
All Bonds which are redeemed or surrendered shall forthwith be cancelled. All Bonds so cancelled cannot
be reissued or resold.
(h)
Notices
Where the provisions of this Condition 3 provide for the giving of notice by the Issuer to the Principal
Paying Agent, such notice shall be deemed to be validly given if made in writing with all required
information to the Principal Paying Agent within the prescribed time limit. Such notices shall be announced
to the Holders as soon as practicable pursuant to Condition 12. Such notices shall be irrevocable.
4
Contingent Write-Down
Upon the occurrence of a Viability Event, the Issuer shall, within five (5) days of the date on which such Viability
Event occurred, deliver a certificate, signed by any two members, at that time of the management (Geschäftsleitung) of the Issuer, (the Write-Down Notice) to the Holders’ Representative, confirming that a Viability
Event has occurred and designating the date on which the Write-Down shall become effective (the WriteDown Date), provided that the Write-Down Date shall be no later than ten (10) Business Days after the date
on which the Write-Down Notice is given.
Viability Event means that either:
(a)
the Regulator has notified the Issuer that it has determined that the write-down of the Bonds, together
with the conversion or write-down of holders’ claims in respect of any other Tier 1 Instruments and
Tier 2 Instruments that, pursuant to their terms or by operation of law, are capable of being converted
into equity or written down at that time, is, because customary measures to improve the Issuer’s capital
adequacy are at the time inadequate or unfeasible, an essential requirement to prevent the Issuer from
becoming insolvent, bankrupt or unable to pay a material part of its debts as they fall due, or from ceasing
to carry on its business; or
(b)
customary measures to improve the Issuer’s capital adequacy being at the time inadequate or unfeasible,
the Issuer has received an irrevocable commitment of extraordinary support from the Public Sector
(beyond customary transactions and arrangements in the ordinary course) that has, or imminently will
have, the effect of improving the Issuer’s capital adequacy and, without which, in the determination of
the Regulator, the Issuer would have become insolvent, bankrupt, unable to pay a material part of its
debts as they fall due or unable to carry on its business.
Public Sector means the Swiss Confederation or the Swiss National Bank.
Regulator means the Swiss regulator having the leading authority to supervise and regulate the Issuer at the
relevant time, being at the time of the issuance of the Bonds the Swiss Financial Market Supervisory Authority
FINMA.
If a Viability Event has occurred, the Principal Amount of each Bond shall automatically be reduced to zero
with effect as of the Write-Down Date (as defined below), and the Holders shall no longer have any rights
whatsoever against the Issuer with respect to the Bonds (the Write-Down) (bedingte Aufhebung einer Forderung durch Übereinkunft).
For the avoidance of doubt, the Write-Down shall not constitute an event of default by the Issuer for any
purpose.
5
Payments
The amounts required for payments with respect to the Bonds will be made available in good time in freely
disposable CHF which will be placed at the free disposal of the Principal Paying Agent on behalf of the Holders.
If the due date for any payment by the Issuer does not fall on a Business Day, the Issuer undertakes to effect
payment for value the Business Day immediately following such due date and the Holders will not be entitled
17
to any additional sum in relation thereto. All payments with respect to the Bonds will be made to the Holders
in CHF without collection costs.
The receipt by the Principal Paying Agent of the due and punctual payment of the funds in CHF as above
provided shall release the Issuer of its payment obligations under the Bonds to the extent of such payments.
6
Statute of Limitations
In accordance with Swiss law, claims for interest payments shall become time-barred after a period of five (5)
years and claims for the repayment or redemption of Bonds after a period of ten (10) years, calculated from
their respective due dates.
7
Taxation
All payments in respect of the Bonds are subject to all applicable taxes, including the deduction of the Swiss
Federal Withholding Tax (Verrechnungssteuer), which is currently levied at a rate of thirty-five (35) per cent.
8
Status of the Bonds and Subordination
(a)
Status
The Bonds constitute direct, unconditional and unsecured obligations of the Issuer and rank pari passu
among themselves. The rights and claims of the Holders are subordinated as described in Condition
8(b).
(b)
Subordination
In the event of an order being made, or an effective resolution being passed, for the liquidation, dissolution
or winding-up of the Issuer by reason of insolvency, bankruptcy or otherwise, the rights and claims of the
Holders against the Issuer in respect of or arising under the Bonds shall rank (subject to any obligations
mandatorily preferred by law and subject to a Write-Down as defined in Condition 4) (i) junior to the
claims of all holders of unsubordinated obligations of the Issuer, (ii) pari passu with the claims of holders
of all other subordinated obligations of the Issuer, except any obligations arising under Tier 1 Instruments
and obligations expressed to rank junior to the Bonds and (iii) senior to any obligations expressed to rank
junior to the Bonds, Tier 1 Instruments and any other equity instruments (Beteiligungsrechte) of the Issuer.
In bankruptcy proceedings (Konkursverfahren) or any form of composition with creditors (Nachlassverfahren) in relation to the Issuer, the Holders shall not be entitled to, and shall not, argue or vote as creditor
of the Issuer or its estate that the Bonds rank or be treated senior, pari passu or otherwise in competition
with any creditors the claims of which are senior to the Bonds.
Each creditor whose claims rank senior to the Bonds is entitled in his own right to invoke and hold the
status of the Bonds pursuant to this Condition 8 against the Holders and the Issuer.
Tier 1 Instruments means (i) instruments that qualify as Common Equity Tier 1 Capital (Hartes Kernkapital) or Additional Tier 1 Capital (Zusätzliches Kernkapital) of the Issuer under the National Regulations
or (ii) obligations entered into by the Issuer in respect of such instruments, such as guarantees of such
instruments.
9
No Set-Off
No Holder may set-off any claims arising under the Bonds against any claims that the Issuer may have against
it. The Issuer may not set-off any claims it may have against the Holders against any of its obligations under
the Bonds.
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10
Events of Default
Each of the following events shall constitute each event an Event of Default:
The Issuer is (or is deemed by law, a court or the Regulator to be) insolvent or bankrupt, a general assignment
or an arrangement or composition with or for the benefit of the relevant creditors in respect of any such debts
is agreed or declared in respect of or affecting all or a substantial part of the debts of the Issuer.
The Issuer undertakes to inform the Holders’ Representative without delay if any Event of Default has occurred
and to provide the Holders’ Representative with all necessary documents and information in connection therewith.
If an Event of Default occurs, the Holders’ Representative has the right but not the obligation to serve a written
notice of default (Default Notice), such notice having the effect that the Bonds shall become immediately
due and payable at the Aggregate Principal Amount plus accrued interest, if any, on the day the Default Notice
is given.
Upon the occurrence of an Event of Default, the Holders’ Representative may invite the Holders in accordance
with art. 1157 seq. of the Swiss Code of Obligations to a Holders’ meeting for the taking of a resolution on
the serving of a Default Notice, provided the Holders’ Representative has not served such Default Notice itself.
The legally valid resolution of the Holders’ meeting to serve a Default Notice, shall replace the right reserved
by the Holders’ Representative according to these Terms of the Bonds to serve a Default Notice on behalf of
the Holders. If the Holders’ meeting votes against the serving of a Default Notice, the right to serve such Default
Notice shall revert to the Holders’ Representative whereby the Holders’ Representative shall not be bound by
the resolution of the Holders’ meeting if and to the extent that new circumstances arise or become known
which require a revised assessment of the facts.
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Substitution of the Issuer
The Issuer may, without the consent of the Holders, at any time substitute itself in respect of all rights and
obligations arising under or in connection with the Bonds with any Swiss legal entity of which all shares carrying
voting rights are directly or indirectly held by the Issuer (the New Issuer), provided that:
(a)
the Regulator has approved the substitution of the Issuer,
(b)
the New Issuer is in the opinion of the Holders’ Representative in a position to fulfil all payment obligations
arising from or in connection with the Bonds, and
(c)
the Issuer has issued, on a subordinated basis as set out in Condition 8, an irrevocable and unconditional
guarantee as per art. 111 of the Swiss Code of Obligations in respect to the obligations of the New
Issuer under the Bonds in form and content satisfactory to the Holders’ Representative.
In the event of a substitution of the Issuer, notice of such substitution shall be made in accordance with
the provisions of Condition 12 and any reference to the Issuer shall be deemed to refer to the New Issuer.
12
Notices
All notices regarding the Bonds shall be published by the Principal Paying Agent on behalf and at the expense
of the Issuer:
(i)
on the internet site of SIX Swiss Exchange (where notices are currently published under the address:
www.six-exchange-regulation.com/publications/published_notifications/official_notices_en.html); or
(ii)
otherwise in accordance with the regulations of the SIX Swiss Exchange.
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13
Listing
Application will be made for the admission to trading and listing of the Bonds on the SIX Swiss Exchange for
the whole duration of the Bonds.
14
Governing Law and Jurisdiction
The Bonds shall be governed by and construed in accordance with the substantive laws of Switzerland (i.e.
without regard to the principles of conflict of laws).
Any dispute arising under or in connection with the Bonds shall fall within the exclusive jurisdiction of the courts
of the city of Zurich, and if permitted, the Commercial Court of the Canton of Zurich, the place of jurisdiction
being Zurich 1.
15
Amendments to the Terms of the Bonds
The Terms of the Bonds may be amended by agreement between the Issuer and the Holders’ Representative
provided that in the sole opinion of the Holders’ Representative, such amendment is of a formal, minor or
technical nature, is made to correct a manifest error and is not prejudicial to the interests of the Holders. Notice
of any such amendment shall be published in accordance with Condition 12.
16
Role of Credit Suisse
Credit Suisse has been appointed by the Issuer as the Principal Paying Agent and as the Listing Agent with
respect to the Bonds and it will or may also act on behalf of or for the benefit of the Holders as Holders’ Representative, but only in such cases stated explicitly in these Terms of the Bonds. In any other cases, the Holders’
Representative is not obliged to take or to consider any actions on behalf of or for the benefit of the Holders.
17
Severability
If at any time one or more of the provisions of the Terms of Bonds is or becomes unlawful, invalid, illegal or
unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions
shall not be in any way affected or impaired thereby.
18
Definitions
Aggregate Principal Amount has the meaning set out in Condition 1(a).
Bond has the meaning set out in Condition 1(a).
Business Day means any day (other than Saturday or Sunday) on which banks are open the whole day for
business in Zurich
Capital Requirements has the meaning set out in Condition 3(f).
Credit Suisse means Credit Suisse AG, Paradeplatz 8, 8001 Zurich
Default Notice has the meaning set out in Condition 10.
Holder has the meaning set out in Condition 1(d).
Holders’ Representative means Credit Suisse.
Initial Credit Spread means 3.5525 per cent.
Initial Interest Rate Payment Date has the meaning set out in Condition 2.1.
20
Initial Interest Rate has the meaning set out in Condition 2.1.
Interest Determination Date has the meaning set out in Condition 2.2.
Interest Payment Date has the meaning set out in Condition 2.2.
Intermediary has the meaning set out in Condition 1(b).
Intermediated Securities has the meaning set out in Condition 1(b).
Issue Date means April 24, 2013.
Issuer means Valiant Bank AG
Listing Agent means Credit Suisse, appointed as recognised representative pursuant to art. 43 of the listing
rules of the SIX Swiss Exchange to file the listing application (including the application for provisional admission
to trading) for the Bonds with the SIX Swiss Exchange.
Maturity Date means April 24, 2023.
National Regulations has the meaning set out in Condition 3(f).
New Issuer has the meaning set out in Condition 11.
Principal Amount means CHF 5,000 per Bond.
Principal Paying Agent means Credit Suisse in its function as principal paying agent. If, at any time during
the life of the Bonds, the Principal Paying Agent shall resign or become incapable of acting as Principal Paying
Agent or as Holders’ Representative as contemplated by these Terms of the Bonds or shall be adjudged bankrupt or insolvent, the Principal Paying Agent may be substituted by a duly licensed major Swiss bank or Swiss
branch of a major foreign bank chosen by the Issuer. In the event of such a replacement of the Principal Paying
Agent, all references to the Principal Paying Agent shall be deemed to refer to such replacement. Notice of
such a replacement shall be made in accordance with the provisions of Condition 12.
Public Sector has the meaning set out in Condition 4.
Regulator has the meaning set out in Condition 4.
Regulatory Event has the meaning set out in Condition 3(d).
Regulatory Event Redemption Date has the meaning set out in Condition 3(d).
Regulatory Event Redemption Notice Date has the meaning set out in Condition 3(d).
Reset Date has the meaning set out in Condition 2.1.
Reset Interest Rate has the meaning set out in Condition 2.2.
Reset Interest Rate Payment Date has the meaning set out in Condition 2.2.
SIX SIS means SIX SIS Ltd, the Swiss clearing and settlement organisation, Baslerstrasse 100, 4600 Olten,
or any successor organisation accepted by the SIX Swiss Exchange.
SIX Swiss Exchange means SIX Swiss Exchange Ltd, Selnaustrasse 30, 8001 Zurich or any successor
organisation.
Subsidiary means a legal entity of the Issuer the financial statements of which are, in accordance with applicable law or generally accepted accounting principles, consolidated with those of the Issuer.
Tax Event has the meaning set out in Condition 3(c).
21
Tax Event Redemption Date has the meaning set out in Condition 3(c).
Tax Event Redemption Notice Date has the meaning set out in Condition 3(c).
Tier 1 Instruments has the meaning set out in Condition 8(b).
Viability Event has the meaning set out in Condition 4.
Write-Down has the meaning set out in Condition 4.
Write-Down Date has the meaning set out in Condition 4.
Write-Down Notice has the meaning set out in Condition 4.
5-year Mid Swap Rate has the meaning set out in Condition 2.2.
22
TAXATION
Swiss Taxation
General
The following is a general summary of the Swiss taxation treatment at the date hereof in relation to payments of
Principal Amount and payments on the Principal Amount of the Bonds and the implications of acquiring and disposing of Bonds and the Write-Down of Bonds. The summary is included herein solely for informational purposes.
It is not intended to be, nor should it be construed to be, legal or tax advice. Prospective investors in the Bonds
should therefore consult their own professional advisers as to the effects of the purchase, ownership and disposal
of Bonds. The summary is based on current Swiss law and the published practice of the Swiss Federal Tax
Administration (Eidgenössische Steuerverwaltung), which may be subject to change, sometimes with retrospective
effect, and a ruling with the Swiss Federal Tax Administration. It relates only to the position of persons who are the
absolute beneficial owners of the Bonds.
Classification and Interest and Premium Component
The Bonds classify as Bonds the yield-to-maturity of which predominantly derives from periodic interest payments
and not from a one-time interest payment such as an original issue discount or a repayment premium. Payments on
the Principal Amount of the Bonds are split for Swiss tax purposes into:
(i)
interest of 2.500 per cent. per annum (CHF 125) (hereinafter for purposes of this Section, the Interest
Component); and
(ii)
premium for the Contingent Write-Down (hereinafter for purposes of this Section, the Premium Component):
a)
1.500 per cent. per annum (CHF 75) from (but excluding) the Issue Date up to (and including) the Reset
Date, and
b)
a percentage rate per annum equal to the difference of the Reset Interest Rate minus 2.500 per cent.
from (but excluding) the Reset Date, to (and including) the Maturity Date.
Swiss Federal Withholding Tax
Payments by the Issuer of Interest Components (but not payments of Premium Components) on the Bonds will be
subject to Swiss Federal Withholding Tax (Verrechnungssteuer), which is currently levied at a rate of 35%.
The Swiss Federal Withholding Tax will, subject to certain conditions being met, be refundable in full to a Holder
(as defined in the Terms of the Bonds) who is an individual resident in Switzerland holding the Bonds as private
assets (see “b. Bonds held as private assets by Swiss resident holders” below) and to a Holder who holds the
Bonds as part of assets of a business in Switzerland (see “c. Bonds held as Swiss business assets” below). Other
Holders may be entitled to a full or partial refund of the Swiss Federal Withholding Tax pursuant to the conditions
of a double taxation treaty of Switzerland with their country of residence, if any (see “a. Bonds held by non-Swiss
holders” below.)
On 24 August 2011 the Swiss Federal Council issued draft legislation, which, if enacted, will require a Swiss paying
agent, as defined in the draft legislation, in lieu of the Issuer, to withhold Swiss withholding tax at a rate of 35% on
any payment of Interest in respect of a Bond to an individual resident in Switzerland or to a person resident outside
of Switzerland (not limited to an individual).
Stamp Taxes
The issue of the Bonds and the sale and delivery of the Bonds on the Issue Date to the initial Holder will not be
subject to Swiss federal stamp duty on the issue of securities (Emissionsabgabe) and Swiss federal stamp duty on
the dealing in securities (Umsatzabgabe) (primary market). Secondary market transactions in the Bonds where a
Swiss domestic bank or a Swiss domestic securities dealer, as defined in the Swiss Federal Stamp Duty Act
(Bundesgesetz über die Stempelabgaben), is a party, or acts as an intermediary, to the transaction may be subject
to Swiss federal stamp duty on the dealing in securities at a rate of up to 0.15% of the consideration paid for the
23
Bonds. Where both the seller and the purchaser of the Bonds are not resident in Switzerland or the Principality of
Liechtenstein, no Swiss federal stamp duty on the dealing in securities will be payable.
Income Taxation
a. Bonds held by non-Swiss holders
Payments by the Issuer on, and repayment of Principal Amount of, the Bonds, to, and gain realized on the sale or
other disposal or the redemption of Bonds by, a Holder, who is not a resident of Switzerland, and who during the
relevant taxation year has not engaged in a trade or business through a permanent establishment or a fixed place of
business situated in Switzerland to which the Bonds are attributable, will not be liable for any Swiss federal, cantonal
or communal income tax. See “Final Foreign Withholding Taxes” below for a summary of the taxation treatment of
individuals holding Bonds in an account or deposit with a Swiss paying agent. See “European Directive on the
Taxation of Savings Income” below for a summary of the taxation treatment of EU resident individuals receiving
payments on the Bonds from a Swiss paying agent.
b. Bonds held as private assets by Swiss resident holders
An individual who resides in Switzerland and holds Bonds as a private assets will be required to include all payments
of Interest Components on such Bonds in his or her personal income tax return for the relevant tax period and will
be taxable on any net taxable income (including the payment of Interest Components on such Bonds) for such tax
period at the then prevailing tax rates. The payment of Premium Components on the Bonds and also gains realized
on the sale or other disposal of Bonds classify as tax-free capital gains. Conversely, losses realized on the sale or
other disposal of Bonds and losses resulting from a Write-Down of the Bonds classify as non-tax-deductible capital
losses. See “c. Bonds held as Swiss business assets” below for a summary on the tax treatment of individuals
classified as “professional securities dealers”.
c. Bonds held as Swiss business assets
Individuals who hold Bonds as part of a business in Switzerland, and Swiss-resident corporate taxpayers, and
corporate taxpayers residing abroad holding Bonds as part of a Swiss permanent establishment or a fixed place of
business situated in Switzerland, are required to recognize the payment of Interest Components and Premium
Components, gains or losses realized on the sale or other disposal, and, as the case may be, losses on the WriteDown, of such Bonds, in their income statement for the respective tax period, and will be taxable on any net taxable
earnings for such tax period at the prevailing tax rates. The same taxation treatment also applies to Swiss-resident
individuals who, for Swiss income tax purposes, classify as “professional securities dealers” for reasons of, inter
alia, frequent dealings, or leveraged transactions, in securities.
Final Foreign Withholding Taxes
On 1 January 2013, treaties on final withholding taxes of Switzerland with the United Kingdom and Austria entered
into force (each a Contracting State). The treaties require a Swiss paying agent, as defined in the treaties, to levy
a flat-rate final withholding tax (Abgeltungssteuer) at rates specified in the treaties on certain capital gains and
income items (interest, dividends, other income items, all as defined in the treaties) deriving from assets, including,
as the case may be, Bonds, held in accounts or deposits with a Swiss paying agent by (i) an individual resident in
a Contracting State or, (ii) if certain requirements are met, by a domiciliary company (Sitzgesellschaft), an insurance
company in connection with a so-called insurance wrapper (Lebensversicherungsmantel) or other individuals if the
beneficial owner is an individual resident in a Contracting State. The flat-rate tax withheld substitutes the ordinary
income tax on the respective capital gains and income items in the Contracting State where the individual is tax
resident. In order to avoid the withholding of the flat-rate tax by the Swiss paying agent, such individuals may opt
for a disclosure of the respective capital gains and income items to the tax authorities of the Contracting State
where they are tax residents. Switzerland may conclude similar treaties with other European countries, and
negotiations are currently being conducted with Greece and Italy.
European Directive on the Taxation of Savings Income
Swiss paying agents are not required to withhold tax EU savings tax on payments of Interest Components and
Premium Components on the Bonds.
24
INFORMATION ABOUT THE ISSUER
1.
General Information
1.1.
Name, legal form, legal
basis, principal place of
business and registered
office
Valiant Bank AG (Banque Valiant SA) is a stock corporation with limited
liability (Aktiengesellschaft) (article 620 et seq. CO). Valiant Bank AG was
founded in 1997 for an unlimited period of time and its registered office is
Bundesplatz 4, 3011 Berne, Switzerland. Valiant Bank AG possesses a
banking licence according to the Federal Act on Banks and Savings Banks.
The company may open branches and agencies.
1.2.
Purpose
The purpose of Valiant Bank AG is to operate as a bank.
1.3.
Articles of Association
The Articles of Association were last amended on November 22, 2011.
1.4.
Register
Valiant Bank AG was first registered with the Commercial Register of the
Canton of Berne, Switzerland, on July 9, 1997, and its registration number
is CH-035.3.014.676-4.
1.5.
Governing Law
Swiss Law
1.6.
Valiant-Group
Valiant Bank AG, Berne, is a fully owned subsidiary of Valiant Holding AG,
Lucerne.
1.7.
Company Profile
With a balance sheet total of CHF 25,1 billion, about 1 000 employees and
more than 400 000 customers, Valiant Bank AG is currently the largest
regional bank of Switzerland. Since its foundation in 1997, the company
has developed into a broadly based Swiss bank.
Its business area includes the cantons of Aargau, Basel-Landschaft, BaselStadt, Berne, Freiburg, Jura, Lucerne, Neuchâtel, Solothurn, Vaud and Zug.
Its business activities involve broad product and services offerings in the
areas of Retail Banking, Banking for small and medium-sized enterprises
(KMU), Private Banking and Asset Management.
For further information of the bank and its business the investors are
referred to pages 16–22 and 40–42 of the Annual Report for the year
ended December 31, 2012 of Valiant Holding AG and Valiant Bank AG
which are incorporated in this Prospectus by reference.
1.8.
Rating
As of the date of this Prospectus, the rating by Moody’s Investors Service,
Inc. assigned to the outstanding long-term liabilities of Valiant Bank AG is
«A1».
The Bonds have not and will not be rated.
1.9.
Dividends paid by the
Issuer during the last
five years
1.10. Notices
2008: CHF 3.10
2009: CHF 3.20
2010: CHF 3.20
2011: CHF 3.20
2012: CHF 3.20
According to Article 24 of the Articles of Association of the Issuer, invitations and notices from the Issuer to shareholders shall be sent by letter, by
telefax or by e-mail. Official notices shall be published in the Swiss
Commercial Gazette. The Board of Directors may determine other means
of publication.
Notices to the Holders are made in accordance with Condition 12 of the
Terms of the Bonds.
25
2.
Information about the corporate bodies
2.1.
Board of Directors
Chairman
Jürg Bucher
Vice Chairman
Dr. Hans-Jörg Bertschi
Board Members
Jean-Baptiste Beuret
Andreas Huber
Paul Nyffeler
Franziska von Weissenfluh
Franz Zeder
2.2.
Management
Michael Hobmeier, CEO
Ewald Burgener, CFO
Martin Gafner, Head Customer/Markets
Stefan Gempeler, Head Operations
Bernhard Röthlisberger, Head Credit Office
2.3.
Business address of the
corporate bodies
Valiant Bank AG, Bundesplatz 4, CH-3011 Berne
2.4.
Statutory Auditor and
Banking Law Auditor
KPMG AG, Hofgut, 3073 Gümligen-Bern is the Issuer's banking law
auditor and has audited the financial statements according to article 727
et seq. CO for the financial years 2011 and 2012.
For reasons of corporate governance, given that KPMG AG has acted as
auditors for the Issuer for ten years, the Issuer has decided a change of
auditors and will propose to the shareholders' meeting to elect PricewaterhouseCoopers AG as banking law and corporate auditor for the financial
year 2013.
2.5.
Internal Auditor
Entris Audit AG, Muri bei Bern
3.
Capital structure
3.1.
Share capital
The share capital of the Issuer amounts to CHF 153,800,000 which is fully
paid in and divided into 153,800 registered shares with a nominal amount
of CHF 1,000 each. Registered shares may be converted into bearer
shares and bearer shares may be converted into registered shares at any
time upon a resolution being passed by the general meeting of shareholders.
3.2.
Conditional Capital
The Issuer has no conditional capital.
3.3.
Authorized Capital
The Issuer has no authorized capital.
3.4.
Limitation on transferability of registered shares
According to Article 5 of the Articles of Association, the transfer of
registered shares requires the approval of the Board of Directors. Such
approval may be refused for statutory reasons.
3.5.
Voting Rights
According to Article 9 of the Articles of Association, at the general meeting
of shareholders each represented share carries one vote. A shareholder
may appoint another shareholder to act as his or her proxy at the meeting.
26
3.6.
Main shareholder
4.
Capital Basis
The share capital is wholly owned by Valiant Holding AG, Lucerne. Valiant
Holding AG is listed on the SIX Swiss Stock Exchange and has its registered office in Lucerne. Valiant Holding AG does not possess a banking
licence.
Valiant Bank AG has a capital of CHF 1.7 billion and an equity-capital ratio of 155.6 per cent. as of December 31, 2012. This corresponds to a capital ratio of 12.4 per cent. The capital buffer of Valiant Bank AG is
CHF 64 million. The Board of Directors of Valiant Bank AG would like to further strengthen the equity base
and has decided to issue this Bond in the amount of CHF 150 mio. Taking into account this Bond, Valiant
Bank AG has an equity ratio of 13.5 per cent.
5.
Further Information
5.1.
Court, arbitral and administrative proceedings
Save as disclosed in this Prospectus, the Issuer is not or has not been
involved in any governmental, legal or arbitration proceedings (including
any such proceedings which are pending or threatened of which the Issuer
is aware) which may have, or have had in the recent past, significant effects
on the financial position or profitability of the Issuer.
5.2.
Forward-Looking
Statements
This Prospectus contains forward-looking statements regarding future
financial performance and results and other statements that are not
historical facts. The words “believe”, “anticipate”, “plan”, “expect”, “project”,
“estimate”, “predict”, “intend”, “target”, “assume”, “may”, “could”, “will” and
similar expressions are intended to identify such forward-looking statements. Such statements are made on the basis of assumptions and
expectations that the Issuer believes to be reasonable at this time, but may
prove to be erroneous. For a detailed description of the risks refer to the
section headed “Risk Factors”. Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove incorrect,
actual outcomes may vary materially from those indicated. Prospective
investors should therefore not rely on any of these forward-looking statements. The Issuer assumes no obligation to update such forward-looking
statements or to update the reasons for which actual results could differ
materially from those anticipated in such forward-looking statements.
5.3.
Recent Developments
Following a decision by the Swiss Federal Tribunal of October 30, 2012
regarding the question whether banks or their clients are entitled to kickbacks (Retrozessionen) received by banks, the Issuer has made provisions
of CHF 5.1 million for potential payments to clients in connection with kickbacks received. The provisions were made as a matter of commercial
prudence. However, based on current information, the Issuer cannot yet
assess whether the full amount of the provisions will be needed.
For further information please see also the Press Release of April 17, 2013
in Annex II.
27
NEGATIVE CONFIRMATION
Except as disclosed in this Prospectus, there has been no material adverse
change in the financial condition or operations of the Issuer since
December 31, 2012, which would materially affect its ability to carry out
its obligations.
RESPONSIBILITY STATEMENT
The Issuer accepts responsibility for all information contained in this
Prospectus and has taken all reasonable care to ensure that the facts stated
herein are true and accurate in all material aspects and that there are no
other material facts, the omission of which would make any statement herein
misleading, whether of fact or opinion.
Berne, April 22, 2013
VALIANT BANK AG
Martin Gafner
CEO ad interim
28
Ewald Burgener
CFO
ANNEX I:
Annual Financial Statements for the year ended
December 31, 2012 of Valiant Bank AG
Jahresabschluss
Valiant Bank AG
Jahresrechnung
128
Bilanz
128
Erfolgsrechnung
130
Mittelflussrechnung
131
Anhang zur Jahresrechnung
132
Erläuterungen zur Geschäftstätigkeit und zum Personalbestand
132
Risikobeurteilung
133
Erläuterungen zum Risikomanagement
133
Bilanzierungs- und Bewertungsgrundsätze
136
Informationen zu Bilanz, Ausserbilanz und Erfolgsrechnung
140
1. Übersicht nach Deckungen
140
2. Handelsbestände in Wertschriften und Edelmetallen
141
3. Finanzanlagen
141
4. Eigene Beteiligungstitel in den Finanzanlagen
141
5. Beteiligungen
141
6. Angaben zu wesentlichen Beteiligungen
142
7. Anlagespiegel
143
8. Sonstige Aktiven und Passiven
143
9. Zur Sicherung eigener Verpflichtungen verpfändete oder abgetretene Aktiven
sowie Aktiven unter Eigentumsvorbehalt
144
10. Verpflichtungen gegenüber eigenen Vorsorgeeinrichtungen
144
11. Angaben zu Vorsorgeeinrichtungen
144
12. Ausstehende Obligationenanleihen
145
13. Wertberichtigungen, Rückstellungen und Reserven für allgemeine Bankrisiken
145
14. Gesellschaftskapital
146
15. Bedeutende Kapitaleigner und stimmrechtsgebundene Gruppen von Kapitaleignern
146
16. Nachweis des Eigenkapitals
146
17. Fälligkeitsstruktur des Umlaufvermögens, der Finanzanlagen und des Fremdkapitals
147
18. Forderungen und Verpflichtungen gegenüber verbundenen Unternehmen
sowie Organkredite
147
19. Aktiven und Passiven, gegliedert nach In- und Ausland und Ländergruppen
148
20. Bilanz nach Währungen
149
21. Eventualverpflichtungen
150
22. Verpflichtungskredite
150
23. Offene derivative Finanzinstrumente
150
24. Analyse der Derivate nach Bonität der Gegenparteien
151
25. Treuhandgeschäfte
151
26. Erfolg aus dem Handelsgeschäft
151
27. Personalaufwand
151
28. Sachaufwand
152
29. Steueraufwand
152
30. Erläuterungen zu ausserordentlichen Erträgen und Aufwänden
152
Revisionsbericht Valiant Bank AG
154
128
3. FINANZBERICHT / JAHRESRECHNUNG VALIANT BANK AG
GB 2012 / VALIANT HOLDING AG
Jahresrechnung
BILANZ
Aktiven
Anhang
Flüssige Mittel
Forderungen aus Geldmarktpapieren
Forderungen gegenüber Banken
Forderungen gegenüber Kunden
Hypothekarforderungen
Handelsbestände in Wertschriften und Edelmetallen
31.12.2012
in CHF 1 000
31.12.2011
in CHF 1 000
Veränderung
in CHF 1 000
1 081 681
750 614
331 067
44,11
758
1 347
– 589
– 43,73
Veränderung
in %
732 534
1 193 280
– 460 746
– 38,61
1
2 038 462
2 416 721
– 378 259
– 15,65
1, 9
19 471 827
19 037 970
433 857
2,28
2
695
113
582
515,04
Finanzanlagen
3, 9
1 412 953
1 275 614
137 339
10,77
Beteiligungen
5, 6, 7
54 018
52 830
1 188
2,25
Sachanlagen
7
176 547
179 145
– 2 598
– 1,45
Immaterielle Werte
7
52 981
51 594
1 387
2,69
35 130
45 023
– 9 893
– 21,97
8
52 919
76 488
– 23 569
– 30,81
25 110 505
25 080 739
29 766
0,12
0
4 000
– 4 000
– 100,00
3 067
78 690
– 75 623
– 96,10
Rechnungsabgrenzungen
Sonstige Aktiven
Total Aktiven
Total nachrangige Forderungen
Total Forderungen gegenüber Konzerngesellschaften
und qualifiziert Beteiligten
Passiven
Verpflichtungen aus Geldmarktpapieren
Verpflichtungen gegenüber Banken
Verpflichtungen gegenüber Kunden in Spar- und Anlageform
Übrige Verpflichtungen gegenüber Kunden
Kassenobligationen
777
261
516
197,70
283 296
241 399
41 897
17,36
12 528 243
12 412 898
115 345
0,93
4 089 907
4 264 515
– 174 608
– 4,09
778 212
824 556
– 46 344
– 5,62
12
5 447 825
5 313 082
134 743
2,54
95 322
91 924
3 398
3,70
8
88 146
123 001
– 34 855
– 28,34
Wertberichtigungen und Rückstellungen
13
120 945
131 809
– 10 864
– 8,24
Reserve für allgemeine Bankrisiken
13
7 981
24 533
– 16 552
– 67,47
Gesellschaftskapital
14
153 800
153 800
0
0
Anleihen und Pfandbriefdarlehen
Rechnungsabgrenzungen
Sonstige Passiven
Allgemeine gesetzliche Reserve
468 093
459 793
8 300
1,81
Andere Reserven
940 320
926 520
13 800
1,49
Eigene Beteiligungstitel
Gewinnvortrag
Jahresgewinn
Total Passiven
Total nachrangige Verpflichtungen
Total Verpflichtungen gegenüber Konzerngesellschaften
und qualifiziert Beteiligten
0
0
0
0
48
20
28
140,00
107 590
112 628
– 5 038
– 4,47
25 110 505
25 080 739
29 766
0,12
0
0
0
0
52 050
48 482
3 568
7,36
GB 2012 / VALIANT HOLDING AG
Ausserbilanzgeschäfte
Eventualverpflichtungen
3. FINANZBERICHT / JAHRESRECHNUNG VALIANT BANK AG
Anhang
31.12.2012
in CHF 1 000
31.12.2011
in CHF 1 000
Veränderung
in CHF 1 000
Veränderung
in %
0,22
1, 21
302 666
302 009
657
Unwiderrufliche Zusagen
1
2 530 551
2 480 551
50 000
2,02
Einzahlungs- und Nachschussverpflichtungen
1
44 564
34 496
10 068
29,19
1, 22
38
0
38
n/a
1 563 834
1 247 820
316 014
25,33
8 752
12 082
– 3 330
– 27,56
61 841
78 981
– 17 140
– 21,70
4 865
6 085
– 1 220
– 20,05
Verpflichtungskredite
Derivative Finanzinstrumente
8, 23, 24
Kontraktvolumen
positive Wiederbeschaffungswerte
negative Wiederbeschaffungswerte
Treuhandgeschäfte
25
129
130
3. FINANZBERICHT / JAHRESRECHNUNG VALIANT BANK AG
GB 2012 / VALIANT HOLDING AG
ERFOLGSRECHNUNG
Ertrag und Aufwand aus dem ordentlichen Bankgeschäft
Erfolg aus dem Zinsengeschäft
Anhang
Zins- und Diskontertrag
Zins- und Dividendenertrag aus Handelsbeständen
Zins- und Dividendenertrag aus Finanzanlagen
Zinsaufwand
Subtotal Erfolg Zinsengeschäft
2012
in CHF 1 000
2011
in CHF 1 000
Veränderung
in CHF 1 000
Veränderung
in %
484 838
507 364
– 22 526
– 4,44
17
15
2
13,33
29 360
27 147
2 213
8,15
– 236 006
– 252 103
16 097
– 6,39
278 209
282 423
– 4 214
– 1,49
Erfolg aus dem Kommissions- und Dienstleistungsgeschäft
Kommissionsertrag Kreditgeschäft
Kommissionsertrag Wertschriften- und Anlagegeschäft
Kommissionsertrag übriges Dienstleistungsgeschäft
Kommissionsaufwand
Subtotal Erfolg Kommissions- und Dienstleistungsgeschäft
Erfolg aus dem Handelsgeschäft
26
2 407
1 578
829
52,53
46 577
30 914
15 663
50,67
14,25
27 083
23 706
3 377
– 12 512
– 6 790
– 5 722
84,27
63 555
49 408
14 147
28,63
14 537
13 750
787
5,72
216,50
Übriger ordentlicher Erfolg
Erfolg aus Veräusserung Finanzanlagen
2 206
697
1 509
Beteiligungsertrag
5 805
5 299
506
9,55
Liegenschaftenerfolg
2 932
3 635
– 703
– 19,34
Anderer ordentlicher Ertrag
1 061
538
523
97,21
Anderer ordentlicher Aufwand
Subtotal übriger ordentlicher Erfolg
– 129
– 1 044
915
– 87,64
11 875
9 125
2 750
30,14
Geschäftsaufwand
Personalaufwand
27
– 123 526
– 105 144
– 18 382
17,48
Sachaufwand
28
– 100 982
– 108 343
7 361
– 6,79
– 224 508
– 213 487
– 11 021
5,16
143 668
141 219
2 449
1,73
Subtotal Geschäftsaufwand
Bruttogewinn
Jahresgewinn
Bruttogewinn
Abschreibungen auf dem Anlagevermögen
Wertberichtigungen, Rückstellungen und Verluste
143 668
141 219
2 449
1,73
7
– 38 127
– 32 050
– 6 077
18,96
13
– 4 275
– 608
– 3 667
603,13
101 266
108 561
– 7 295
– 6,72
25 721
28 971
– 3 250
– 11,22
Zwischenergebnis
Ausserordentlicher Ertrag
30
Ausserordentlicher Aufwand
30
– 11
– 174
163
– 93,68
Steuern
29
– 19 386
– 24 730
5 344
– 21,61
107 590
112 628
– 5 038
– 4,47
107 590
112 628
– 5 038
– 4,47
48
20
28
140,00
107 638
112 648
– 5 010
– 4,45
– 66,27
Jahresgewinn
Gewinnverwendung (Antrag des Verwaltungsrates)
Jahresgewinn
Gewinnvortrag
Bilanzgewinn
Gewinnverwendung
Zuweisung an allgemeine gesetzliche Reserve
– 2 800
– 8 300
5 500
Zuweisung an andere Reserven
– 69 800
– 13 800
– 56 000
405,80
Ausschüttungen auf dem Gesellschaftskapital
– 35 000
– 90 500
55 500
– 61,33
38
48
– 10
– 20,83
andere Gewinnverwendungen
Gewinnvortrag
GB 2012 / VALIANT HOLDING AG
3. FINANZBERICHT / JAHRESRECHNUNG VALIANT BANK AG
MITTELFLUSSRECHNUNG
2012
2012
Mittelherkunft Mittelverwendung
in CHF 1 000
in CHF 1 000
Jahresgewinn
2012
Saldo + / –
in CHF 1 000
107 590
Abschreibungen auf dem Anlagevermögen
38 127
Wertberichtigungen und Rückstellungen
37 807
Reserven für allgemeine Bankrisiken
9 893
Passive Rechnungsabgrenzungen
3 398
Ausschüttung Vorjahr
32 050
35 202
25 057
32 776
18 566
19 863
13 922
90 500
80 000
Veränderung aus Fusion BRV / SLS / VPB
2 500
196 815
142 254
+ 54 561
186 157
Aktienkapital
0
43 800
Eigene Beteiligungstitel
0
101 516
Veränderung aus Fusion BRV / SLS / VPB
0
247 118
Mittelfluss aus
Eigenkapitaltransaktionen
0
Beteiligungen
0
+0
392 434
151 205
+ 34 952
0
+ 392 434
0
1 188
122
4 905
Sachanlagen
1 421
18 571
8 761
12 960
Immaterielle Werte
6 639
26 405
8 060
46 164
26 752
Veränderung aus Fusion BRV / SLS / VPB
Mittelfluss aus Anlagevermögen
Forderungen aus Geldmarktpapieren
Forderungen gegenüber Kunden
28 965
Spar- und Anlagegelder
– 38 104
589
1 746 869
516
260
115 345
1 447 016
174 608
46 344
Zweckkonforme Verwendung
von Einzelwertberichtigungen
13 469
1 570 930
21 824
12 556
Veränderung aus Fusion BRV / SLS / VPB
54 714
494 709
Handelsbestände in Wertschriften
und Edelmetallen
Finanzanlagen
Anleihen und Pfandbriefdarlehen
134 743
Mittelfluss aus Kapitalmarktgeschäft
134 743
668 278
– 173 569
3 093 081
2 056 837
582
113
137 339
432 804
+ 1 036 244
244 682
137 921
– 3 178
244 682
23 569
Sonstige Passiven
Mittelfluss aus übrigen
Bilanzpositionen
– 64 699
275 588
Kassenobligationen
Sonstige Aktiven
73 582
20 161
433 857
Übrige Verpflichtungen gegenüber Kunden
Mittelfluss aus Kundengeschäft
8 883
378 259
Hypothekarforderungen
Verpflichtungen aus Geldmarktpapieren
2011
Saldo + / –
in CHF 1 000
112 628
16 552
Aktive Rechnungsabgrenzungen
Mittelfluss aus operativem Ergebnis
(Innenfinanzierung)
2011
2011
Mittelherkunft Mittelverwendung
in CHF 1 000
in CHF 1 000
432 917
– 188 235
10 897
34 855
42 629
23 569
34 855
– 11 286
42 629
10 897
+ 31 732
Mittelfluss aus Bankgeschäft
653 021
841 054
– 188 033
3 380 392
2 500 651
+ 879 741
Total Mittelherkunft (+) /
Mittelverwendung (–)
857 896
1 029 472
– 171 576
3 967 866
2 725 438
+ 1 242 428
Bestand
31.12.2011
Bestand
31.12.2012
Veränderung
Bestand
31.12.2010
Bestand
31.12.2011
Veränderung
Veränderung der liquiden Mittel
Flüssige Mittel
750 614
1 081 681
+ 331 067
289 745
750 614
+ 460 869
Forderungen gegenüber Banken
1 193 280
732 534
– 460 746
885 501
1 193 280
+ 307 779
Verpflichtungen gegenüber Banken
– 241 399
– 283 296
– 41 897
– 715 179
– 241 399
+ 473 780
Total liquide Mittel
1 702 495
1 530 919
– 171 576
460 067
1 702 495
+ 1 242 428
131
132
3. FINANZBERICHT / ANHANG ZUR JAHRESRECHNUNG VALIANT BANK AG
GB 2012 / VALIANT HOLDING AG
Anhang zur Jahresrechnung
ERLÄUTERUNGEN ZUR GESCHÄFTSTÄTIGKEIT UND ZUM PERSONALBESTAND
Allgemeines
Die Valiant Bank AG ist eine überregional tätige Retailbank mit
Hauptsitz in Bern. Sie betreut primär Kundinnen und Kunden in
den Kantonen Aargau, Basel-Landschaft, Basel-Stadt, Bern, Freiburg, Jura, Luzern, Neuenburg, Solothurn, Waadt und Zug, wo sie
mit 87 Geschäftsstellen vertreten ist und unter der einheitlichen
Marke «Valiant» am Markt auftritt. Die Valiant Bank AG bietet Anlage-, Spar-, Vorsorge- und Finanzierungslösungen an und steht
für eine auf Kontinuität ausgerichtete Geschäftspolitik. Dabei berücksichtigt sie insbesondere die Anliegen von Privatpersonen,
KMU und kleineren bis mittelgrossen Institutionen in der deutschund der französischsprachigen Schweiz. Neben den nachfolgend
beschriebenen Geschäftssparten bestehen keine weiteren wesentlichen Geschäftstätigkeiten, die einen Einfluss auf die Risiko- und
Ertragslage der Bank haben.
Bilanzgeschäft
Das Bilanzgeschäft bildet die Hauptertragsquelle. Im Aktivgeschäft
dominiert das Grundpfandkreditgeschäft. Passivseitig belaufen
sich die Kundengelder auf rund zwei Drittel der Bilanzsumme.
Kommissions- und Dienstleistungsgeschäft
Der Kommissions- und Dienstleistungsbereich umfasst unter anderem das Vermögensverwaltungs-, das Wertschriften-, das Anlageund das Emissionsgeschäft sowie Dienstleistungen rund um Zahlungsverkehr, Finanz- und Steuerplanung, Akkreditive sowie
Kautionen und Garantien.
Handelsgeschäfte
Die Valiant Bank AG betreibt den Handel mit Devisen und Noten
sowie im Private Banking den Handel mit Effekten, Devisen und
Finanzderivaten.
Übrige Geschäftsfelder
Die Finanzanlagen der Valiant Bank AG enthalten hauptsächlich
festverzinsliche Wertpapiere, die vor allem zu Liquiditätszwecken
gehalten werden. Darin sind aber auch andere Wertpapiere wie
Aktien, Anteilscheine und Ähnliches enthalten, welche mit der
Absicht einer langfristigen Anlage erworben worden sind. Neben
den für den Bankbetrieb genutzten und Anlagezwecken dienenden Liegenschaften verfügt die Bank nur über eine unbedeutende
Zahl von Objekten aus Not leidenden Kreditpositionen.
Mitgliedschaft in der RBA-Bankengruppe
Die Valiant Bank AG ist Mitglied des RBA-Aktionärspools und bezieht Teile von Dienstleistungen und Produkten gegen entsprechende
Entschädigungen. Für die Erbringung dieser Dienstleistungen haben
die RBA-Holding AG und ihre Tochtergesellschaften wesentliche Investitionen in die Infrastruktur (insbesondere in den IT-Bereich) getätigt und vorfinanziert. Die Valiant Bank AG hat sich verpflichtet,
bei einem allfälligen Austritt aus dem RBA-Aktionärspool eine Austrittsentschädigung von 0,25 % ihrer Bilanzsumme zu leisten. Im
Weiteren wurde eine Vereinbarung im Zusammenhang mit der Migration auf die Informatikplattform Finnova mit einer Laufzeit bis
31. März 2013 abgeschlossen. Zudem ist die Valiant Bank AG die
Verpflichtung eingegangen, eine Investitionsschutz-Abgeltung leisten zu müssen, sofern der Bezug der Informatikleistungen vor dem
31. Dezember 2017 beendet oder das Bezugsvolumen auf Jahresbasis betragsmässig um mehr als 25 % reduziert wird. Zudem hat die
Valiant Bank AG in den Jahren 2011 und 2012 im Zusammenhang
mit der IT-Migration Auszahlungen der RBA-Futura im Betrag von
je CHF 7,5 Mio. erhalten. Für den Fall eines Austritts aus dem
RBA-Aktionärspool vor dem 31. Dezember 2017 hat sich die Valiant
Bank AG zur Rückzahlung dieser Beträge verpflichtet.
Auslagerung von Geschäftsbereichen (Outsourcing)
Die Valiant Bank AG hat den Zahlungsverkehr, die Wertschriftenverwaltung sowie den Betrieb der IT-Plattform an die Entris Banking AG (Muri bei Bern) ausgelagert. Die Private-Banking-Dienstleistungen der Valiant Bank AG basieren auf der Informatikplattform
von Lombard, Odier & Cie (Genf). Die Interne Revision wurde an die
Entris Audit AG (Muri bei Bern) ausgelagert.
Die Auslagerungen wurden im Sinne der Vorschriften der Eidgenössischen Finanzmarktaufsicht FINMA vertraglich geregelt. Die
Mitarbeiter der Entris Banking AG, der Entris Audit AG und von
Lombard, Odier & Cie unterstehen dem Bankkundengeheimnis.
Personal
Der teilzeitbereinigte Personalbestand der Valiant Bank AG betrug
per Ende 2012 966 Vollzeitstellen und zusätzlich 82 Stellen für Auszubildende. Von den insgesamt 1 089 festangestellten Mitarbeitenden standen 331 Personen in einem Teilzeitarbeitsverhältnis.
GB 2012 / VALIANT HOLDING AG
3. FINANZBERICHT / RISIKOBEURTEILUNG VALIANT BANK AG
Risikobeurteilung
ERLÄUTERUNGEN ZUM RISIKOMANAGEMENT
Risikobeurteilung
Der Verwaltungsrat hat sich im Berichtsjahr mehrmals mit den
Risiken befasst, denen die Valiant Bank AG ausgesetzt ist. An seinen Sitzungen vom 13. März und vom 9. August 2012 hat sich der
Verwaltungsrat aufgrund eines Risiko- und Compliance-Reportings
mit der Exposition in den hauptsächlichen Risikoarten – den
Kreditrisiken, den Marktrisiken, den operationellen Risiken, den
Haftungs- und Geschäftsrisiken sowie den Eigenmittel- und Liquiditätsrisiken – auseinandergesetzt und eine globale Beurteilung
vorgenommen. Gleichzeitig hat sich der Verwaltungsrat über die
Risikotragfähigkeit der Bank unter Berücksichtigung kalkulatorischer Risikokosten in den Dimensionen Ertragskraft (Normalbelastung) sowie Eigenkapital (Stressbelastung) informieren lassen.
Für weitere Erläuterungen zur Risikobeurteilung durch den Verwaltungsrat, den Risikoausschuss sowie den Prüfungsausschuss
wird auf die Konzernberichterstattung (siehe Seite 81 ff.) verwiesen.
Erläuterungen zum Risikomanagement
Das Risikomanagement ist eine der Kernaufgaben jeder Bank. Es
umfasst die Erkennung, die Messung, die Überwachung und die
Bewirtschaftung aller aus der Geschäftstätigkeit erwachsenden
Risiken: Kredit-, Gegenpartei-, Länder-, Markt-, operationelle sowie
Compliance- und rechtliche Risiken. Für die im FINMA-Rundschreiben 2008 / 22 «EM-Offenlegung Banken» geforderten qualitativen
und quantitativen Angaben wird auf Seite 121 ff. verwiesen.
Der Verwaltungsrat der Valiant Holding AG ist verantwortlich für
die Formulierung der konzernweiten Risikopolitik, die periodisch auf
ihre Angemessenheit hin überprüft und gegebenenfalls angepasst
wird. Im «Reglement zur Risikopolitik der Valiant Gruppe» hat der
Verwaltungsrat – abgeleitet aus der Strategie – folgende Eckwerte
für die Geschäfts- bzw. Risikopolitik definiert: Die vorsichtige Risikopolitik steht über dem Ertrag und über dem Wachstum.
Spezifische Kontrollfunktionen werden durch die Risikokontrolle
unter der Leitung des CRO wahrgenommen.
In jedem Fachbereich werden die relevanten Risiken systematisch
erfasst, bewertet und bewirtschaftet.
Der Verwaltungsrat wird regelmässig mittels eines stufengerechten Führungsinformationssystems über die Vermögens-, die Finanz-,
die Liquiditäts- und die Ertragslage sowie die damit verbundenen
Risiken informiert.
133
134
3. FINANZBERICHT / RISIKOBEURTEILUNG VALIANT BANK AG
GB 2012 / VALIANT HOLDING AG
Management der Kredit-, Gegenpartei- und Länderrisiken
Kreditrisiken
Die Kreditrisiken werden mittels Risikoverteilung, Qualitätsanforderungen und Deckungsmargen begrenzt. Für die Kreditbewilligung, bei welcher die Kreditwürdigkeit und die Kreditfähigkeit nach
einheitlichen Kriterien beurteilt werden, besteht eine risikoorientierte Kompetenzordnung.
Übrige Gegenparteirisiken
Für einzelne Gegenparteien, insbesondere für Geldmarkt-, Kapitalmarkt- und Finanzanlagen, wird ein Kreditlimitensystem angewendet. Die Qualitätsanforderungen basieren auf Einstufungen anerkannter Ratingagenturen. Die Limiteneinhaltung wird ständig
überwacht, und die Qualitätsanforderungen werden periodisch
überprüft.
Die Kreditpositionen werden mit dem durch die Entris Audit AG
entwickelten und für alle RBA-Banken verbindlich erklärten Kundenratingsystem RASY bewertet. Dieses ermöglicht die Einstufung
der Schuldner nach Risikokategorien und die Anwendung risikogerechter Konditionen. Das Ratingsystem umfasst zehn Ratingstufen
und basiert auf einem statistischen Modell, wobei für private
Kunden und Firmenkunden unterschiedliche Beurteilungskriterien
angewendet werden. Die effiziente Überwachung der Ausfallrisiken während der ganzen Kreditdauer wird mit einer periodischen Aktualisierung des Kundenratings sichergestellt. Die Werthaltigkeit der Sicherheiten wird in angemessenen Zeitabschnitten,
je nach Art der Deckung, überprüft.
Länderrisiken
Ein Länderrisiko entsteht, wenn länderspezifische politische oder
wirtschaftliche Bedingungen den Wert eines Auslandengagements
beeinflussen. Dieses Risiko wird durch Bestimmungen in Bezug auf
das Länderrating und das Aussetzen von Länderlimiten begrenzt.
Die Bestimmung von Immobilienwerten erfolgt nach einheitlichen
Kriterien, die sowohl für interne als auch für externe Schätzer
gelten. Der als Basis für die Belehnung dienende Verkehrs- bzw.
Anrechnungswert wird je nach Art des Objekts aufgrund des
Ertrags-, des Real- bzw. des Marktwerts oder einer Kombination
daraus ermittelt.
Mit der Abteilung Sonderfinanzierungen wird ein Kompetenzzentrum unterhalten, das auf Umstrukturierungen und Verwertungen
spezialisiert ist und sich mit der Lösung von ausserordentlichen und
komplexen Aufgaben sowie mit Spezialfinanzierungen befasst.
Management der Marktrisiken
Zinsänderungsrisiken
Der Erfolg aus dem Zinsengeschäft wird durch Veränderungen der
Marktzinssätze beeinflusst. Die Bilanz- und Teile der Ausserbilanzgeschäfte der Bank sind Zinsänderungsrisiken ausgesetzt. Diese
sind in der unterschiedlichen Zinsbindung von Aktiven, Passiven
und derivativen Finanzinstrumenten begründet. Der Verwaltungsrat hat aufgrund von Sensitivitäts- und Ertragsüberlegungen Risikolimiten auf Gruppenebene festgelegt. Das Asset and Liability
Committee (ALCO) ist mit der Messung und der Überwachung des
Zinsänderungsrisikos beauftragt und mit Kompetenzen ausgestattet, die es ihm ermöglichen, die Zinsänderungsrisiken aktiv zu steuern und zu bewirtschaften. Neben klassischen Bilanzgeschäften
werden dazu auch derivative Finanzinstrumente eingesetzt. Die
laufende Überwachung der verschiedenen Kenngrössen wird
durch regelmässige Ertragssimulationen und Stresstests ergänzt.
GB 2012 / VALIANT HOLDING AG
Andere Marktrisiken
Die übrigen Marktrisiken, welche hauptsächlich Positionsrisiken
aus Beteiligungstiteln und aus Fremdwährungen beinhalten, sind
limitiert. Zur Überwachung und Steuerung werden Value-at-RiskAnalysen durchgeführt. Die Risiken im Handelsbuch werden bewusst tief gehalten.
Liquiditätsmanagement
Die Liquiditätserfordernisse (Zahlungsbereitschaft) richten sich nach
den bankengesetzlichen Vorschriften und werden auf Konzernebene laufend überwacht und gesteuert.
Management der operationellen Risiken
Operationelle Risiken werden definiert als «Gefahren von unmittelbaren oder mittelbaren Verlusten, die infolge der Unangemessenheit oder des Versagens von internen Verfahren, Menschen und
Systemen oder von externen Ereignissen eintreten». Sie werden
mittels interner Reglemente und Weisungen zur Aufbau- und
Prozessorganisation sowie durch gezielte Kontrollen begrenzt. Der
Sicherheitsausschuss stellt auf Gruppenebene sicher, dass die Empfehlungen der Schweizerischen Bankiervereinigung zum Business
Continuity Management umgesetzt werden. Zur Bewältigung von
möglichen Krisen bestehen spezielle Lösungsszenarien und Notfallpläne. Die Interne Revision prüft die interne Kontrolle regelmässig und rapportiert über ihre Arbeiten an den Prüfungsausschuss sowie an den Risikoausschuss.
Compliance und Management der rechtlichen Risiken
Die Compliance-Verantwortlichen stellen sicher, dass die Geschäftstätigkeit im Einklang mit den geltenden Vorschriften und
den Sorgfaltspflichten eines Finanzintermediärs steht. Die Compliance-Funktion ist auf Gruppenebene für die Überprüfung von Anforderungen und Entwicklungen seitens des Gesetzgebers, der
Aufsichtsbehörde sowie von Branchenorganisationen verantwortlich und sorgt dafür, dass die Weisungen an die regulatorischen
Entwicklungen angepasst und auch eingehalten werden. Um
rechtlichen Risiken vorzubeugen, werden standardisierte Vertragsdokumente eingesetzt. Ferner werden bei Bedarf externe Rechtskonsulenten beigezogen.
3. FINANZBERICHT / RISIKOBEURTEILUNG VALIANT BANK AG
135
136
3. FINANZBERICHT / BILANZIERUNGS- UND BEWERTUNGSGRUNDSÄTZE VALIANT BANK AG
GB 2012 / VALIANT HOLDING AG
Bilanzierungs- und
Bewertungsgrundsätze
Allgemeine Grundsätze
Die Jahresrechnung wird als kombinierter Einzelabschluss nach den
Rechnungslegungsvorschriften der Verordnung über die Banken
und Sparkassen und dem FINMA-Rundschreiben 2008 / 2 «Rechnungslegung Banken» erstellt und ist nach dem True and Fair View
Prinzip dargestellt.
Erfassung und Bilanzierung
Sämtliche Geschäftsfälle werden am Abschlusstag in den Büchern
erfasst und ab diesem Zeitpunkt entsprechend den Bilanzierungsund Bewertungsgrundsätzen ausgewiesen.
Fremdwährungsumrechnung
Die Bewertung der Fremdwährungspositionen der Bilanzaktiven
und -passiven erfolgt zu den am Bilanzstichtag geltenden Mittelkursen. Transaktionen in Fremdwährungen werden zu den jeweiligen Tageskursen verbucht.
Für die Währungsumrechnung wurden folgende Kurse verwendet:
USD
EUR
GBP
31.12.2012
0,9150
1,2075
1,4785
Vorjahr
0,9405
1,2174
1,4498
Allgemeine Grundsätze
Die in einer Bilanzposition ausgewiesenen Detailpositionen werden grundsätzlich einzeln bewertet (Einzelbewertung).
Im Zusammenhang mit der Bewertung von Umlaufvermögen
gemäss dem Niederstwertprinzip werden die Anschaffungswerte
zu gewichteten Durchschnittswerten ermittelt.
Flüssige Mittel, Forderungen aus Geldmarktpapieren,
Forderungen gegenüber Banken und Kunden,
Hypothekar forderungen, Passivgelder
Die Bilanzierung erfolgt zum Nominalwert bzw. zum Anschaffungswert abzüglich Einzelwertberichtigungen für gefährdete
Forderungen. Der noch nicht verdiente Diskont auf Geldmarktpapieren wird über die Laufzeit abgegrenzt.
Ausleihungen
(Forderungen gegenüber Kunden
und Hypothekar forderungen)
Gefährdete Forderungen, d. h. Forderungen, bei welchen es unwahrscheinlich ist, dass der Schuldner seinen zukünftigen Verpflichtungen nachkommen kann, werden auf Einzelbasis bewertet und die Wertminderung wird durch Einzelwertberichtigungen
in den Passiven abgedeckt. In gleicher Weise werden Ausserbilanzgeschäfte wie feste Zusagen, Garantien oder derivative Finanzinstrumente bewertet. Ausleihungen werden spätestens dann
als gefährdet eingestuft, wenn die vertraglich vereinbarten Zahlungen für Kapital und / oder Zinsen mehr als 90 Tage ausstehend
sind. Zinsen, die mehr als 90 Tage ausstehend sind, gelten als
überfällig. Überfällige Zinsen sowie Zinsen, deren Eingang gefährdet ist, werden nicht mehr vereinnahmt, sondern direkt den Wertberichtigungen und Rückstellungen zugewiesen.
Die Wertminderung bemisst sich nach der Differenz zwischen
dem Buchwert der Forderung und dem voraussichtlich einbringlichen Betrag unter Berücksichtigung des Gegenparteirisikos und
des Nettoerlöses aus der Verwertung allfälliger Sicherheiten. Falls
erwartet wird, dass der Verwertungsprozess länger als ein Jahr
dauert, erfolgt eine Abdiskontierung des geschätzten Verwertungserlöses auf den Bilanzstichtag.
Wenn eine Forderung als ganz oder teilweise uneinbringlich eingestuft oder ein Forderungsverzicht gewährt wird, erfolgt die
Ausbuchung der Forderung zulasten der entsprechenden Wertberichtigung. Wiedereingänge von früher ausgebuchten Beträgen werden direkt den Wertberichtigungen für Ausfallrisiken gutgeschrieben.
Zusätzlich zu den Einzelwertberichtigungen bildet die Bank Pauschalwertberichtigungen zur Abdeckung der am Bilanzstichtag
vorhandenen latenten Risiken. Die Berechnung erfolgt anhand
festgelegter historischer Erfahrungswerte je Kredit-Rating-Klasse.
Die Bank klassiert alle Forderungen in zehn Rating-Klassen. Bei den
Forderungen der Klassen 1 bis 6 wird der Schuldendienst geleistet,
ist die Belehnung der Sicherheiten angemessen und scheint die
GB 2012 / VALIANT HOLDING AG
3. FINANZBERICHT / BILANZIERUNGS- UND BEWERTUNGSGRUNDSÄTZE VALIANT BANK AG
Rückzahlung des Kredits nicht gefährdet. Für diese Forderungen
werden keine Pauschalwertberichtigungen gebildet. Die in den
Klassen 9 und 10 eingestuften Kredite sind stark gefährdet und
werden einzeln wertberichtigt. Pauschalwertberichtigungen werden ausschliesslich auf Krediten der Klassen 7 und 8 gebildet, bei
denen ein gewisses Risiko besteht, dass die Bank einen Verlust
erleidet.
Gefährdete Forderungen werden wieder als vollwertig eingestuft,
wenn die ausstehenden Kapitalbeträge und Zinsen wieder fristgerecht, gemäss den vertraglichen Vereinbarungen, geleistet und
die Bonitätskriterien erfüllt werden.
Darlehensgeschäfte mit Wertschriften
(Securities Lending- and Borrowing-Geschäfte)
Darlehensgeschäfte mit Wertschriften werden zum Wert der erhaltenen oder geleisteten Barhinterlage inklusive aufgelaufener
Zinsen erfasst.
Pensionsgeschäfte mit Wertschriften
(Repurchase- und Reverse Repurchase-Geschäfte)
Wertpapiere, die mit einer Rückkaufsverpflichtung veräussert
wurden (Repurchase-Geschäfte), und mit einer Verkaufsverpflichtung erworbene Wertschriften (Reverse Repurchase-Geschäfte)
werden als gesicherte Finanzierungsgeschäfte betrachtet und zum
Wert der erhaltenen oder geleisteten Barhinterlage inklusive aufgelaufener Zinsen erfasst.
Erhaltene und gelieferte Wertpapiere werden nur dann bilanzwirksam erfasst bzw. ausgebucht, wenn die Kontrolle über die
mit ihnen verbundenen vertraglichen Rechte abgetreten wird. Die
Marktwerte der erhaltenen oder gelieferten Wertschriften werden täglich überwacht, um gegebenenfalls zusätzliche Sicherheiten bereitzustellen oder einzufordern.
Der Zinsertrag aus Reverse Repurchase-Geschäften und der Zinsaufwand aus Repurchase-Geschäften werden über die Laufzeit der
zugrunde liegenden Transaktionen periodengerecht abgegrenzt.
Geborgte sowie als Sicherheit entgegengenommene Wertpapiere
werden nur dann bilanzwirksam erfasst, wenn die Bank die Kontrolle über die vertraglichen Rechte erlangt, welche diese Wertschriften beinhalten. Ausgeliehene sowie als Sicherheit hinterlegte Wertpapiere werden nur dann aus der Bilanz ausgebucht, wenn die Bank
die mit diesen Wertschriften verbundenen vertraglichen Rechte
verliert. Die Marktwerte der geborgten und ausgeliehenen
Wertschriften werden täglich überwacht, um gegebenenfalls zusätzliche Sicherheiten bereitzustellen oder einzufordern.
Handelsbestände in Wertschriften und Edelmetallen
Die Handelsbestände in Wertschriften und Edelmetallen werden
grundsätzlich zum Fair Value bewertet und bilanziert. Als Fair
Value wird der auf einem preiseffizienten und liquiden Markt gestellte Preis oder ein aufgrund eines Bewertungsmodells ermittelter Preis eingesetzt. Ist ausnahmsweise kein Fair Value verfügbar,
erfolgt die Bewertung und Bilanzierung zum Niederstwertprinzip.
Erhaltene oder bezahlte Gebühren aus dem Darlehensgeschäft mit
Wertschriften werden als Zinsertrag bzw. Zinsaufwand nach der
Abgrenzungsmethode verbucht.
Die aus der Bewertung der Handelsbestände resultierenden
Kursgewinne und -verluste werden ebenso wie die Zins- und Dividendenerträge aus Handelsbeständen im Erfolg aus dem Handelsgeschäft verbucht. Dem Handelserfolg werden keine Kapitalrefinanzierungskosten belastet.
Die nicht kotierten Aktien und Nebenwerte werden zu Geldkursen
bilanziert.
137
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3. FINANZBERICHT / BILANZIERUNGS- UND BEWERTUNGSGRUNDSÄTZE VALIANT BANK AG
GB 2012 / VALIANT HOLDING AG
Finanzanlagen
Festverzinsliche Schuldtitel sowie Wandel- und Optionsanleihen
ausserhalb des Handelsbestands werden nach dem Niederstwertprinzip bewertet, sofern keine Absicht zum Halten bis zur Endfälligkeit besteht. Wertanpassungen erfolgen per saldo über «Anderer ordentlicher Aufwand» bzw. «Anderer ordentlicher Ertrag».
Eine Zuschreibung bis höchstens zu den Anschaffungskosten erfolgt, sofern der unter die Anschaffungskosten gefallene Marktwert in der Folge wieder steigt. Diese Wertanpassung wird wie
vorstehend beschrieben ausgewiesen.
Bankgebäude und Renditeliegenschaften, welche mit der Absicht
der dauernden Anlage gehalten werden, sind gemäss dem Grundsatz der Vorsicht zu Anschaffungswerten bzw. zum tieferen betriebswirtschaftlichen Wert, abzüglich betriebswirtschaftlich notwendiger Abschreibungen, bilanziert. Die Werthaltigkeit wird
jährlich überprüft. Ergibt sich bei dieser Überprüfung eine veränderte Nutzungsdauer oder eine Wertminderung, so wird der Restbuchwert planmässig über die restliche Nutzungsdauer abgeschrieben oder eine ausserplanmässige Abschreibung zulasten der Position
«Abschreibungen auf dem Anlagevermögen» getätigt.
Die mit der Absicht zum Halten bis zur Endfälligkeit erworbenen
Schuldtitel werden nach der Accrual-Methode bewertet. Dabei
wird das Agio bzw. Disagio in der Bilanzposition über die Laufzeit
bis zum Verfall abgegrenzt. Bonitätsbedingte Wertminderungen
bzw. nachfolgende Wertaufholungen werden in der Erfolgsrechnung analog den nach dem Niederstwertprinzip bewerteten Beständen über «Anderer ordentlicher Aufwand» bzw. «Anderer ordentlicher Ertrag» verbucht.
Für die einzelnen Sachanlagenkategorien werden folgende Nutzungsdauern eingesetzt:
Die strukturierten Produkte werden nach dem Niederstwertprinzip bewertet.
Anteile an Obligationenfonds werden als Schuldtitel ausgewiesen
und analog den Beteiligungspapieren und Edelmetallen nach dem
Niederstwertprinzip bewertet.
Liegenschaften, welche zur Veräusserung vorgesehen sind, werden in den Finanzanlagen bilanziert und nach dem Niederstwertprinzip bewertet, d. h. nach dem tieferen Wert von Anschaffungswert und Liquidationswert.
Anlagevermögen
Neben Beteiligungen mit Infrastrukturcharakter, insbesondere solchen an Gemeinschaftswerken der Schweizer Banken, enthält die
Position Beteiligungen diejenigen Aktien im Eigentum der Gesellschaft, bei welchen die Absicht der dauernden Anlage besteht. Die
Bewertung erfolgt zu Anschaffungswerten, abzüglich betriebswirtschaftlich notwendiger Abschreibungen.
Die übrigen Sachanlagen werden zu Anschaffungswerten, zuzüglich wertvermehrender Investitionen, bilanziert und planmässig über
die geschätzte Nutzungsdauer abgeschrieben.
Land / Terrain
Liegenschaften
Projekt Trivium/Finnova und Umsysteme
Goodwill / Badwill
Software
Sonstige Sachanlagen
keine Abschreibung
max. 50 Jahre
max. 5 Jahre
max. 5 Jahre
max. 1 Jahr
max. 4 Jahre
Realisierte Gewinne aus der Veräusserung von Sachanlagen
werden über «Ausserordentlicher Ertrag» verbucht, realisierte
Verluste über «Ausserordentlicher Aufwand».
Vorsorgeverpflichtungen
Die Mitarbeitenden unserer Bank sind der «Pensionskasse der
Valiant Holding» angeschlossen. Zusätzlich bestehen eine Risikoversicherung sowie eine Ergänzungskasse für das Kader. Es gelten
die jeweiligen Statuten und Reglemente. Im Anhang des Konzernabschlusses ist die Gesamtsituation der «Pensionskasse der Valiant
Holding» dargestellt.
Bei leistungsorientierten Vorsorgeplänen werden die Periodenkosten durch aktuarische Gutachten externer Experten nach der
Projected Unit Credit-Methode (proportionale Verteilung der Vorsorgeverpflichtung über die gesamte Versicherungsdauer) bestimmt. Die Gutachten werden mindestens alle drei Jahre erstellt.
Das Vorsorgevermögen wird zu Markt- bzw. Verkehrswerten bewertet. Über- oder Unterdeckungen von leistungsorientierten Vorsorgeplänen werden gemäss Swiss GAAP FER 16 behandelt.
Allfällige Arbeitgeberbeitragsreserven werden im Konzernabschluss
berücksichtigt.
GB 2012 / VALIANT HOLDING AG
3. FINANZBERICHT / BILANZIERUNGS- UND BEWERTUNGSGRUNDSÄTZE VALIANT BANK AG
Steuern
Laufende Steuern
Laufende Steuern sind wiederkehrende, in der Regel jährliche Kapital- und Gewinnsteuern. Einmalige oder transaktionsbezogene
Steuern sind nicht Bestandteil der laufenden Steuern.
Laufende Steuern auf dem Periodenergebnis werden in Übereinstimmung mit den lokalen steuerlichen Gewinnermittlungsvorschriften eruiert und als Aufwand derjenigen Rechnungsperiode
erfasst, in welcher die entsprechenden Gewinne anfallen.
Aus dem laufenden Gewinn geschuldete direkte Steuern werden
als passive Rechnungsabgrenzungen verbucht.
Latente Steuern
Die Steuereffekte aus zeitlichen Unterschieden zwischen den in der
Bilanz ausgewiesenen Werten von Aktiven und Verpflichtungen
einerseits und deren Steuerwerten anderseits werden als latente
Steuern unter den Rückstellungen verbucht.
Eventualverpflichtungen, unwiderrufliche Zusagen,
Einzahlungs- und Nachschussverpflichtungen
Der Ausweis in der Ausserbilanz erfolgt zum Nominalwert. Für
absehbare Risiken werden Rückstellungen gebildet.
Wertberichtigungen und Rückstellungen
Für alle erkennbaren Verlustrisiken werden nach dem Vorsichtsprinzip Einzelwertberichtigungen und -rückstellungen gebildet. Die
Pauschalwertberichtigungen für Ausfallrisiken sowie Rückstellungen für die übrigen Risiken werden unter dieser Bilanzrubrik ausgewiesen.
Eigene Schuld- und Beteiligungstitel
Der Bestand an eigenen Anleihen, Kassenobligationen oder Geldmarktpapieren wird mit der entsprechenden Passivposition verrechnet.
Derivative Finanzinstrumente
Handelsgeschäfte
Die Bewertung aller derivativen Finanzinstrumente der Bank erfolgt
zum Fair Value (mit Ausnahme der Derivate, die im Zusammenhang
mit Absicherungstransaktionen verwendet werden). Sie werden als
positive oder negative Wiederbeschaffungswerte unter «Sonstige
Aktiven» bzw. «Sonstige Passiven» bilanziert. Der Fair Value basiert auf Marktkursen, Preisnotierungen von Händlern, Discounted
Cashflow- und Optionspreis-Modellen.
Die Bank verrechnet positive und negative Wiederbeschaffungswerte gegenüber der gleichen Gegenpartei im Rahmen von rechtlich durchsetzbaren Netting-Vereinbarungen.
Bei Transaktionen mit derivativen Finanzinstrumenten, welche zu
Handelszwecken eingegangen werden, werden der realisierte und
der unrealisierte Erfolg über die Rubrik «Erfolg aus dem Handelsgeschäft» verbucht.
Absicherungsgeschäfte
Die Bank setzt derivative Finanzinstrumente im Rahmen des Asset
and Liability Management zur Steuerung von Zinsänderungs- und
Ausfallrisiken ein. Die Absicherungsgeschäfte werden analog dem
abgesicherten Grundgeschäft bewertet.
Der Erfolg aus der Absicherung wird der gleichen Erfolgsposition
zugewiesen wie der entsprechende Erfolg aus dem abgesicherten
Geschäft. Der Erfolg aus den für das Bilanzstrukturmanagement
zur Bewirtschaftung der Zinsänderungsrisiken eingesetzten Derivaten wird nach der Accrual-Methode ermittelt. Dabei wird die
Zinskomponente nach der Zinseszinsmethode über die Laufzeit bis
zur Endfälligkeit abgegrenzt. Die aufgelaufenen Zinsen auf der Absicherungsposition werden im «Ausgleichskonto» unter «Sonstige
Aktiven» bzw. «Sonstige Passiven» ausgewiesen.
Sicherungsbeziehungen, Ziele und Strategien des Absicherungsgeschäfts werden beim Abschluss des derivativen Absicherungsgeschäfts dokumentiert. Die Effektivität der Sicherungsbeziehung
wird periodisch überprüft. Absicherungsgeschäfte, bei denen die
Absicherungsbeziehung ganz oder teilweise nicht mehr wirksam
ist, werden im Umfang des nicht wirksamen Teils wie Handelsgeschäfte behandelt.
Änderung der Bilanzierungs- und Bewertungsgrundsätze
Die Valiant Bank AG hat per 1. Januar 2011 auf Finnova migriert.
Daraus resultierte eine neue Aufteilung der Ausleihungen aufgrund
der Deckungsarten und Zusatzsicherheiten im Umfang von
CHF 200 Mio. (Verschiebung von Hypothekarforderungen zu den
Forderungen gegenüber Kunden) sowie der Kundengelder aufgrund einer neuen Zuteilung verschiedener Kontoarten im Umfang von CHF 67 Mio. (Verschiebung von den übrigen Verpflichtungen gegenüber Kunden zu den Verpflichtungen gegenüber
Kunden in Spar- und Anlageform).
Per 1. Januar 2012 haben die ehemalige Banque Romande Valiant SA sowie die ehemalige Spar- und Leihkasse Steffisburg AG
auf Finnova migriert. Auch hier gab es eine Verschiebung von
Hypothekarforderungen zu den Forderungen gegenüber Kunden von CHF 85 Mio. sowie von den übrigen Verpflichtungen gegenüber Kunden in die Verpflichtungen gegenüber Kunden in
Spar- und Anlageform von CHF 40 Mio.
139
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3. FINANZBERICHT / INFORMATIONEN ZU BILANZ, AUSSERBILANZ UND ERFOLGSRECHNUNG VAB
GB 2012 / VALIANT HOLDING AG
Informationen zu Bilanz,
Ausserbilanz und Erfolgsrechnung
1. Übersicht nach Deckungen
Ausleihungen
Forderungen gegenüber Kunden
Hypothekarische
Deckung
in CHF 1 000
Andere
Deckung
in CHF 1 000
Ohne
Deckung
in CHF 1 000
Total
in CHF 1 000
353 986
472 210
1 212 266
2 038 462
14 871 853
0
14 871 853
2 615 541
0
2 615 541
886 004
0
886 004
1 098 429
0
1 098 429
0
19 471 827
Hypothekarforderungen
Wohnliegenschaften
Büro- und Geschäftshäuser
Gewerbe und Industrie
Übrige
Total Hypothekarforderungen
Total Ausleihungen
19 471 827
31.12.2012
19 825 813
472 210
1 212 266
21 510 289
31.12.2011
19 450 189
374 897
1 629 605
21 454 691
715
301 951
302 666
1 193
134 884
2 530 551
44 564
44 564
Ausserbilanz
Eventualverpflichtungen
Unwiderrufliche Zusagen
2 394 474
Einzahlungs- und Nachschussverpflichtungen
Verpflichtungskredite
Total Ausserbilanz
38
38
31.12.2012
2 394 474
1 908
481 437
2 877 819
31.12.2011
2 346 371
1 383
469 302
2 817 056
Bruttoschuldbetrag
in CHF 1 000
Geschätzte
Verwertungserlöse der
Sicherheiten
in CHF 1 000
Nettoschuldbetrag
in CHF 1 000
Einzelwertberichtigungen
in CHF 1 000
Berichtsjahr
199 647
123 538
76 109
75 804
Vorjahr
203 873
135 222
68 651
66 945
Angaben zu gefährdeten Forderungen
Der Nettoschuldbetrag der gefährdeten Forderungen ist per 31.12.2012 um CHF 7,46 Mio. höher als im Vorjahr ausgefallen.
GB 2012 / VALIANT HOLDING AG
3. FINANZBERICHT / INFORMATIONEN ZU BILANZ, AUSSERBILANZ UND ERFOLGSRECHNUNG VAB
2. Handelsbestände in Wertschriften und Edelmetallen
31.12.2012
in CHF 1 000
Handelsbestände in Wertschriften und Edelmetallen
31.12.2011
in CHF 1 000
695
113
695
113
nicht kotiert
0
0
Beteiligungstitel
0
0
Schuldtitel
kotiert
0
0
Total Handelsbestände in Wertschriften und Edelmetallen
davon eigene Beteiligungstitel
695
113
davon repofähige Wertschriften gemäss Liquiditätsvorschriften
0
0
3. Finanzanlagen
Buchwert
31.12.2012
in CHF 1 000
Schuldtitel
Fair Value
31.12.2011
in CHF 1 000
31.12.2012
in CHF 1 000
31.12.2011
in CHF 1 000
1 407 153
1 260 414
1 497 740
1 349 086
1 392 378
1 249 434
1 482 627
1 338 036
14 775
10 980
15 113
11 050
5 040
14 273
9 188
20 099
Edelmetalle
283
226
283
226
Liegenschaften
477
701
477
701
1 412 953
1 275 614
1 507 688
1 370 112
1 361 102
1 212 374
31.12.2012
in CHF 1 000
31.12.2011
in CHF 1 000
54 018
52 830
54 018
52 830
davon mit Halteabsicht bis Endfälligkeit
davon nach Niederstwertprinzip bilanziert
Beteiligungstitel
Total Finanzanlagen
davon repofähige Wertschriften gemäss Liquiditätsvorschriften
4. Eigene Beteiligungstitel in den Finanzanlagen
Keine
5. Beteiligungen
Beteiligungen
ohne Kurswert
Total Beteiligungen
141
142
GB 2012 / VALIANT HOLDING AG
3. FINANZBERICHT / INFORMATIONEN ZU BILANZ, AUSSERBILANZ UND ERFOLGSRECHNUNG VAB
6. Angaben zu wesentlichen Beteiligungen
Firmenname, Sitz
Geschäftstätigkeit
Kapital
in CHF 1 000
31.12.2012
Quote %
31.12.2011
Quote %
Seniorenresidenz Talgut Ittigen AG, Ittigen
Betrieb einer Seniorenresidenz
Begeka AG, Bern
Förderung kultureller Aktivitäten aller Art
10 800
33,30
33,30
1 000
100,00
100,00
Gerag Gewerberevisions AG, Bern
Gewerberevision
100
40,00
40,00
Verwa AG Bern, Bern
Verwaltung von Vermögenswerten
RBA-Holding AG, Muri bei Bern
Dienstleistungsunternehmen
100
100,00
100,00
25 000
56,93
Pfandbriefbank schweizerischer
Hypothekarinstitute AG, Zürich
56,93
Beschaffung von Kapitalmarktgeldern
Bernexpo Holding AG, Bern
Durchführung von Veranstaltungen
800 000
9,76
12,02
4 200
17,35
17,35
Crédit Mutuel de la Vallée SA, Le Chenit
Bank
1 200
41,49
41,49
Investas AG, Bern
Vermögensverwaltung
250
100,00
100,00
PMG Fonds Management AG, Zürich
Verwaltung von Anlagefonds
1 575
27,00
27,00
Bei theoretischer Anwendung der Equity-Methode bei jenen Beteiligungen, bei denen die Bank einen bedeutenden Einfluss ausüben kann,
erhöht sich die Bilanzsumme um CHF 102 Mio. und der Jahresgewinn um CHF 2,8 Mio.
GB 2012 / VALIANT HOLDING AG
3. FINANZBERICHT / INFORMATIONEN ZU BILANZ, AUSSERBILANZ UND ERFOLGSRECHNUNG VAB
7. Anlagespiegel
Anschaffungswert
in CHF 1 000
Mehrheitsbeteiligungen
Aufgelaufene
Abschreibungen
in CHF 1 000
Buchwert
31.12.2011
in CHF 1 000
Investitionen
in CHF 1 000
Desin vestitionen
in CHF 1 000
Abschreibungen
in CHF 1 000
Buchwert
31.12.2012
in CHF 1 000
8 586
0
8 586
500
9 086
Minderheitsbeteiligungen
45 977
– 1 733
44 244
688
44 932
Total Beteiligungen
54 563
– 1 733
52 830
1 188
0
0
54 018
206 443
– 56 314
150 129
6 269
– 1 272
– 5 779
149 347
25 742
– 4 592
21 150
410
– 149
– 495
20 916
232 185
– 60 906
171 279
6 679
– 1421
– 6 274
170 263
Bankgebäude
Andere Liegenschaften
Liegenschaften
Übrige Sachanlagen
15 064
– 7 198
7 866
11 892
Total Sachanlagen
247 249
– 68 104
179 145
18 571
50 255
– 12 136
38 119
8 657
– 1 821
6 836
16 405
– 9 766
6 639
0
– 6 639
0
0
75 317
– 23 723
51 594
26 405
– 6 639
– 18 379
52 981
Software / Lizenzen / IT
Goodwill
Emissionskosten
Total Immaterielle Werte
– 13 474
6 284
– 19 748
176 547
26 405
– 16 648
47 876
0
– 1 731
5 105
– 1 421
333 659
Brandversicherungswert der Liegenschaften
Die übrigen Sachanlagen sind mittels Rahmenvertrag der Valiant Holding AG versichert.
Es bestehen keine Verpflichtungen aus zukünftigen Leasingraten aus Operational Leasing.
8. Sonstige Aktiven und Passiven
31.12.2012
31.12.2011
Sonstige Aktiven Sonstige Passiven
in CHF 1 000
in CHF 1 000
Sonstige Aktiven Sonstige Passiven
in CHF 1 000
in CHF 1 000
Wiederbeschaffungswerte aus derivativen Finanzinstrumenten
Bilanzstrukturmanagement
6 978
60 496
6 100
73 213
Kundenkontrakte
1 774
1 345
5 982
5 768
8 752
61 841
12 082
78 981
Total derivative Finanzinstrumente
Ausgleichskonto
36 914
55 979
Indirekte Steuern
4 390
15 631
6 458
18 889
Übrige Aktiven und Passiven
2 863
10 674
1 969
25 131
52 919
88 146
76 488
123 001
Total sonstige Aktiven und Passiven
143
144
3. FINANZBERICHT / INFORMATIONEN ZU BILANZ, AUSSERBILANZ UND ERFOLGSRECHNUNG VAB
GB 2012 / VALIANT HOLDING AG
9. Zur Sicherung eigener Verpflichtungen verpfändete oder abgetretene Aktiven sowie Aktiven unter Eigentumsvorbehalt
31.12.2012
Forderungsbetrag
bzw. Buchwert
in CHF 1 000
Verpfändete oder abgetretene Hypothekarforderungen für Pfandbriefdarlehen
Forderungen gegenüber Banken
Finanzanlagen
Total verpfändete Aktiven
5 190 707
31.12.2011
Effektive Forderungsbetrag
bzw. Buchwert
Verpflichtungen
in CHF 1 000
in CHF 1 000
4 119 963
5 147 526
4 119 963
5 202 446
Effektive
Verpflichtungen
in CHF 1 000
3 976 794
80 000
14 928
5 285 635
54 920
3 976 794
10. Verpflichtungen gegenüber eigenen Vorsorgeeinrichtungen
in Mio. CHF
Vorsorgeeinrichtungen der Valiant Gruppe
per 31.12.2012
16,63
per 31.12.2011
29,87
2012
2011
11. Angaben zu Vorsorgeeinrichtungen
Pensionskasse der Valiant Holding AG
Versicherungsmathematische Annahmen
14,00
14,15
Technischer Zinssatz
Durchschnittliche Restdienstzeit der gegenwärtigen Arbeitnehmer (in Jahren)
4,00 %
4,00 %
Langfristige Rendite
5,00 %
5,00 %
Lohnentwicklung
2,00 %
2,00 %
Rentenanpassungen
1,50 %
1,50 %
15,00 %
15,00 %
1 072
1 040
2012
in CHF 1 000
2011
in CHF 1 000
360 305
311 832
779
678
– 365 230
– 325 314
– 4 925
– 13 482
Fluktuationsrate Maximum Alter 25, degressiv abnehmend
Anzahl versicherte Mitarbeiter (aktive)
Unterschiedsbetrag
In Stiftung separiertes Vorsorgevermögen
davon Arbeitgeberbeitragsreserven
Vorsorgeverpflichtungen (dynamisch berechnet)
Unterdeckung / Überdeckung
Den Arbeitnehmern zurechenbares Vorsorgevermögen
Unterdeckung / Überdeckung 1)
1)
2 463
6 741
– 2 462
– 6 741
Für den Arbeitgeber besteht kein wirtschaftlicher Nutzen aus der Überdeckung und keine wirtschaftliche Verpflichtung aus der Unterdeckung.
GB 2012 / VALIANT HOLDING AG
3. FINANZBERICHT / INFORMATIONEN ZU BILANZ, AUSSERBILANZ UND ERFOLGSRECHNUNG VAB
12. Ausstehende Obligationenanleihen
Laufzeit
Obligationenanleihen
Zinssatz in %
31.12.2011
Betrag
in CHF 1 000
200 000
2005 – 2012
2,00
0
2007 – 2014
2,88
247 799
247 819
2008 – 2013
3,38
296 500
296 481
2008 – 2020 1)
0,63
50 000
50 000
2009 – 2014
2,25
187 926
186 639
2010 – 2015
1,88
299 757
299 760
2010 – 2016
1,85
82 043
76 083
2012 – 2018
1,00
184 200
0
4 099 600
3 956 300
5 447 825
5 313 082
Pfandbriefdarlehen der Pfandbriefbank schweizerischer Hypothekarinstitute
2,23
2)
Total
Fällig
31.12.2012
Betrag
in CHF 1 000
2013
2014
2015
2016
2017
>2017
Total
Obligationenanleihen
296 500
435 725
299 757
82 043
0
234 200
1 348 225
Pfandbriefdarlehen der
Pfandbriefbank schweizerischer Hypothekarinstitute
482 000
485 200
379 200
411 800
404 400
1 937 000
4 099 600
Total
778 500
920 925
678 957
493 843
404 400
2 171 200
5 447 825
Auflösungen
zugunsten
Erfolgsrechnung
in CHF 1 000
Stand
31.12.2012
in CHF 1 000
1)
2)
Privatplatzierung.
Durchschnittswert.
13. Wertberichtigungen, Rückstellungen und Reserven für allgemeine Bankrisiken
WiedereinÄnderung gänge, überfällige Zinsen,
der ZweckWährungsbestimmung
Stand Zweck konforme
differenzen
31.12.2011 Verwendungen (Umbu chungen)
in CHF 1 000
in CHF 1 000
in CHF 1 000
in CHF 1 000
Rückstellungen
für latente Steuern
3 822
Neubildungen
zulasten
Erfolgsrechnung
in CHF 1 000
– 2 300
1 522
Wertberichtigungen und Rückstellungen für Ausfall- und andere Risiken
Wertberichtigungen und
Rückstellungen für Ausfallrisiken
(Delkredere- und Länderrisiken)
Wertberichtigungen und Rückstellungen für andere Geschäftsrisiken
Übrige Rückstellungen
119 185
– 13 469
214
–3
2 256
30 232
– 29 621
108 583
211
8 588
– 1 083
5 319
– 2 195
10 629
Subtotal
127 987
– 14 555
0
2 256
35 551
– 31 816
119 423
Total Wertberichtigungen und
Rückstellungen
131 809
– 16 855
0
2 256
35 551
– 31 816
120 945
Abzüglich mit den Aktiven direkt
verrechneter Wertberichtigungen
0
0
Total Wertberichtigungen und
Rückstellungen gemäss Bilanz
131 809
120 945
Reserven für allgemeine
Bankrisiken
24 533
– 16 552
7 981
145
146
3. FINANZBERICHT / INFORMATIONEN ZU BILANZ, AUSSERBILANZ UND ERFOLGSRECHNUNG VAB
GB 2012 / VALIANT HOLDING AG
14. Gesellschaftskapital
31.12.2011
31.12.2012
Gesamtnominalwert
in CHF 1 000
153 800
Total Aktienkapital
Stückzahl
Dividendenberechtigtes
Kapital
in CHF 1 000
Gesamtnominalwert
in CHF 1 000
Stückzahl
Dividendenberechtigtes
Kapital
in CHF 1 000
153 800
153 800
153 800
153 800
153 800
Kein bedingtes oder genehmigtes Aktienkapital vorhanden.
15. Bedeutende Kapitaleigner und stimmrechtsgebundene Gruppen von Kapitaleignern
31.12.2011
31.12.2012
Gesellschaftskapital
Valiant Holding AG
Nominal
in CHF 1 000
Anteil in %
Nominal
in CHF 1 000
Anteil in %
153 800
100,00
153 800
100,00
16. Nachweis des Eigenkapitals
Eigenkapital am Anfang des Berichtsjahres
in CHF 1 000
Gesellschaftskapital
153 800
Allgemeine gesetzliche Reserve
459 793
Andere Reserven
926 520
Reserven für allgemeine Bankrisiken
Bilanzgewinn
Total Eigenkapital am Anfang des Berichtsjahres (vor Gewinnverwendung)
24 533
112 648
1 677 294
– Dividende und andere Ausschüttungen aus dem Jahresgewinn des Vorjahres
– 90 500
– andere Entnahmen aus den Reserven
– 16 552
+ Jahresgewinn des Berichtsjahres
Total Eigenkapital am Ende des Berichtsjahres (vor Gewinnverwendung)
107 590
1 677 832
Davon:
Gesellschaftskapital
153 800
Allgemeine gesetzliche Reserve
468 093
Andere Reserven
940 320
Reserven für allgemeine Bankrisiken
Bilanzgewinn
7 981
107 638
GB 2012 / VALIANT HOLDING AG
3. FINANZBERICHT / INFORMATIONEN ZU BILANZ, AUSSERBILANZ UND ERFOLGSRECHNUNG VAB
17. Fälligkeitsstruktur des Umlaufvermögens, der Finanzanlagen und des Fremdkapitals
Umlaufvermögen
Flüssige Mittel
Auf Sicht
in CHF 1 000
Kündbar
in CHF 1 000
Fällig innert
3 Monaten
in CHF 1 000
Fällig nach
Fällig nach
12 Monaten
3 bis zu
12 Monaten bis zu 5 Jahren
in CHF 1 000
in CHF 1 000
Fällig nach
5 Jahren
in CHF 1 000
Immobilisiert
in CHF 1 000
1 081 681
Forderungen
aus Geldmarktpapieren
Forderungen
gegenüber Banken
1 081 681
9
119 683
Total
in CHF 1 000
38 517
0
749
101 084
463 250
758
10 000
732 534
Forderungen
gegenüber Kunden
2 207
706 694
347 203
154 214
581 596
246 548
2 038 462
Hypothekarforderungen
5 556
1 534 091
2 708 876
2 484 037
10 895 919
1 843 348
19 471 827
50 473
88 607
512 389
Handelsbestände in Wertschriften und Edelmetallen
Total Umlaufvermögen
695
5 323
Finanzanlagen
695
755 684
477
1 412 953
31.12.2012
1 214 459
2 279 302
3 207 636
3 190 857
12 000 599
2 845 580
477
24 738 910
31.12.2011
928 102
3 553 987
3 066 828
2 822 837
11 734 294
2 568 910
701
24 675 659
Fremdkapital
Verpflichtungen
aus Geldmarktpapieren
Verpflichtungen
gegenüber Banken
777
777
36 519
Verpflichtungen
gegenüber Kunden in
Spar- und Anlageform
Übrige Verpflichtungen
gegenüber Kunden
2 777
28 500
113 000
102 500
283 296
12 528 243
152 120
82 812
122 600
18 000
4 089 907
Kassenobligationen
44 732
131 479
542 355
59 646
778 212
Anleihen und
Pfandbriefdarlehen
176 000
602 500
2 498 125
2 171 200
5 447 825
Total
Fremdkapital
3 504 803
209 572
12 528 243
31.12.2012
3 542 099
12 740 592
401 352
929 791
3 265 580
2 248 846
0
23 128 260
31.12.2011
3 657 487
12 608 031
213 345
937 168
3 573 159
2 067 521
0
23 056 711
18. Forderungen und Verpflichtungen gegenüber verbundenen Unternehmen sowie Organkredite
31.12.2012
in CHF 1 000
31.12.2011
in CHF 1 000
26 338
19 107
Forderungen gegenüber verbundenen Gesellschaften
2 800
283 871
Verpflichtungen gegenüber verbundenen Gesellschaften
1 015
1 854
Organkredite
Mit nahestehenden Personen werden Transaktionen (wie Wertschriftengeschäfte, Zahlungsverkehr, Kreditgewährung und Entschädigung auf Einlagen)
zu Konditionen durchgeführt, wie sie für Dritte zur Anwendung gelangen. Dem Personal werden branchenübliche Sonderkonditionen gewährt.
Transaktionen mit Beteiligten wurden zu Marktwerten erfasst und über die flüssigen Mittel abgerechnet.
147
148
3. FINANZBERICHT / INFORMATIONEN ZU BILANZ, AUSSERBILANZ UND ERFOLGSRECHNUNG VAB
GB 2012 / VALIANT HOLDING AG
19. Aktiven und Passiven, gegliedert nach In- und Ausland und Ländergruppen
31.12.2011
31.12.2012
Aktiven
Flüssige Mittel
Forderungen aus Geldmarktpapieren
Inland
in CHF 1 000
Ausland
in CHF 1 000
Total
in CHF 1 000
Inland
in CHF 1 000
1 081 681
1 081 681
750 614
750 614
758
758
1 347
1 347
Ausland
in CHF 1 000
Total
in CHF 1 000
Forderungen gegenüber Banken
721 608
10 926
732 534
1 066 304
126 976
1 193 280
Forderungen gegenüber Kunden
2 022 286
16 176
2 038 462
2 396 525
20 196
2 416 721
19 471 827
19 471 827
19 037 970
19 037 970
695
695
113
113
Hypothekarforderungen
Handelsbestände in Wertschriften
und Edelmetallen
Finanzanlagen
1 398 178
1 412 953
1 258 510
Beteiligungen
54 018
14 775
54 018
52 830
17 104
1 275 614
52 830
Sachanlagen
176 547
176 547
179 145
179 145
Immaterielle Werte
52 981
52 981
51 594
51 594
Rechnungsabgrenzungen
35 130
35 130
45 023
45 023
Sonstige Aktiven
Total Aktiven
52 919
25 068 628
52 919
76 488
41 877
25 110 505
24 916 463
76 488
164 276
25 080 739
Passiven
Verpflichtungen aus Geldmarktpapieren
777
261
Verpflichtungen gegenüber Banken
280 172
3 124
283 296
134 157
107 242
241 399
Verpflichtungen gegenüber Kunden
in Spar- und Anlageform
12 389 541
138 702
12 528 243
12 208 913
203 985
12 412 898
3 986 132
103 775
4 089 907
4 139 818
124 697
4 264 515
Übrige Verpflichtungen gegenüber Kunden
Kassenobligationen
Anleihen und Pfandbriefdarlehen
777
261
778 212
778 212
824 556
824 556
5 447 825
5 447 825
5 313 082
5 313 082
Rechnungsabgrenzungen
95 322
95 322
91 924
91 924
Sonstige Passiven
88 146
88 146
123 001
123 001
120 945
120 945
131 809
131 809
Wertberichtigungen und Rückstellungen
Reserve für allgemeine Bankrisiken
Gesellschaftskapital
7 981
7 981
24 533
24 533
153 800
153 800
153 800
153 800
Allgemeine gesetzliche Reserve
468 093
468 093
459 793
459 793
Andere Reserven
940 320
940 320
926 520
926 520
0
0
0
0
Eigene Beteiligungstitel
Gewinnvortrag
Jahresgewinn
Total Passiven
48
48
20
20
107 590
107 590
112 628
112 628
25 110 505
24 644 815
24 864 904
245 601
Total der Aktiven, aufgegliedert nach Ländern bzw. Ländergruppen.
Die Auslandaktiven entfallen hauptsächlich auf Europa und Nordamerika.
435 924
25 080 739
GB 2012 / VALIANT HOLDING AG
3. FINANZBERICHT / INFORMATIONEN ZU BILANZ, AUSSERBILANZ UND ERFOLGSRECHNUNG VAB
20. Bilanz nach Währungen
31.12.2012
Aktiven
Flüssige Mittel
Forderungen aus Geldmarktpapieren
CHF
in CHF 1 000
EUR
in CHF 1 000
USD
in CHF 1 000
Diverse
in CHF 1 000
Total
in CHF 1 000
1 071 015
9 272
813
581
1 081 681
758
758
Forderungen gegenüber Banken
428 568
196 692
78 143
29 131
732 534
Forderungen gegenüber Kunden
2 015 138
22 567
444
313
2 038 462
Hypothekarforderungen
Handelsbestände in Wertschriften und Edelmetallen
19 471 827
19 471 827
695
695
Finanzanlagen
1 411 138
1 810
5
1 412 953
Beteiligungen
54 018
54 018
Sachanlagen
176 547
176 547
Immaterielle Werte
52 981
52 981
Rechnungsabgrenzungen
35 130
35 130
Sonstige Aktiven
Total bilanzwirksame Aktiven
Lieferansprüche aus Devisenkassa-, Devisenterminund Devisenoptionsgeschäften
Total Aktiven
52 745
159
15
0
52 919
24 770 560
230 500
79 415
30 030
25 110 505
105 999
80 156
19 175
2 405
207 735
24 876 559
310 656
98 590
32 435
25 318 240
274 770
4 406
4 096
24
283 296
12 455 404
72 839
3 845 686
142 554
Passiven
Verpflichtungen aus Geldmarktpapieren
Verpflichtungen gegenüber Banken
Verpflichtungen gegenüber Kunden in Spar- und Anlageform
Übrige Verpflichtungen gegenüber Kunden
Kassenobligationen
Anleihen und Pfandbriefdarlehen
777
28 899
4 089 907
778 212
5 447 825
95 322
88 130
Gesellschaftskapital
72 768
5 447 825
Sonstige Passiven
Reserve für allgemeine Bankrisiken
12 528 243
778 212
Rechnungsabgrenzungen
Wertberichtigungen und Rückstellungen
777
95 322
3
5
8
120 945
88 146
120 945
7 981
7 981
153 800
153 800
Allgemeine gesetzliche Reserve
468 093
468 093
Andere Reserven
940 320
940 320
48
48
Gewinnvortrag
Jahresgewinn
Total bilanzwirksame Passiven
Lieferverpflichtungen aus Devisenkassa-, Devisenterminund Devisenoptionsgeschäften
107 590
24 784 903
107 590
219 802
76 869
28 931
25 110 505
101 736
82 249
21 341
2 409
207 735
Total Passiven
24 886 639
302 051
98 210
31 340
25 318 240
Nettoposition
– 10 080
8 605
380
1 095
0
149
150
3. FINANZBERICHT / INFORMATIONEN ZU BILANZ, AUSSERBILANZ UND ERFOLGSRECHNUNG VAB
GB 2012 / VALIANT HOLDING AG
21. Eventualverpflichtungen
31.12.2012
in CHF 1 000
31.12.2011
in CHF 1 000
Kreditsicherungsgarantien
254 489
250 087
Gewährleistungsgarantien
41 439
35 165
0
0
Unwiderrufliche Verpflichtungen
Übrige Eventualverpflichtungen
Total Eventualverpflichtungen
6 738
16 757
302 666
302 009
Die Gesellschaft gehört der Mehrwertsteuergruppe der RBA-Bankengruppe an und haftet solidarisch für deren Mehrwertsteuerverbindlichkeiten
gegenüber der Steuerbehörde.
22. Verpflichtungskredite
Total Verpflichtungskredite
31.12.2012
in CHF 1 000
31.12.2011
in CHF 1 000
38
0
23. Offene derivative Finanzinstrumente
Handelsinstrumente
Positive WBW 1)
in CHF 1 000
Negative WBW 1)
in CHF 1 000
Hedging-Instrumente
Kontraktvolumen
in CHF 1 000
Swaps
Positive WBW 1)
in CHF 1 000
Negative WBW 1)
in CHF 1 000
Kontraktvolumen
in CHF 1 000
6 978
60 496
1 344 000
6 978
60 496
1 344 000
0
0
0
0
0
0
Optionen (OTC)
Zinsinstrumente
Terminkontrakte
Optionen (OTC)
Devisen
Optionen (exchange traded)
Optionen (OTC)
Beteiligungstitel / Indices
Total Derivate
1)
Wiederbeschaffungswerte.
0
0
0
1 726
1 297
206 804
0
0
0
1 726
1 297
206 804
47
47
0
1
1
13 030
48
48
13 030
31.12.2012
1 774
1 345
219 834
6 978
60 496
1 344 000
31.12.2011
5 982
5 768
273 820
6 100
73 213
974 000
GB 2012 / VALIANT HOLDING AG
3. FINANZBERICHT / INFORMATIONEN ZU BILANZ, AUSSERBILANZ UND ERFOLGSRECHNUNG VAB
24. Analyse der Derivate nach Bonität der Gegenparteien
31.12.2011
31.12.2012
Banken und Derivatebörsen
mit Restlaufzeiten bis zu 1 Jahr
mit Restlaufzeiten über 1 Jahr
Kunden mit Deckung
Kunden ohne Deckung
Total Derivate
1)
Positive WBW 1)
in CHF 1 000
Negative WBW 1)
in CHF 1 000
Kontraktvolumen
in CHF 1 000
Positive WBW 1)
in CHF 1 000
Negative WBW 1)
in CHF 1 000
Kontraktvolumen
in CHF 1 000
7 366
61 586
1 442 115
10 181
75 116
1 108 571
267
4 230
186 994
4 081
2 816
164 571
7 099
57 356
1 255 121
6 100
72 300
944 000
1 339
255
121 719
1 456
3 865
139 249
47
0
0
445
0
0
8 752
61 841
1 563 834
12 082
78 981
1 247 820
31.12.2012
in CHF 1 000
31.12.2011
in CHF 1 000
Wiederbeschaffungswerte.
Sämtliche derivativen Finanzinstrumente wurden mit erstklassigen Gegenparteien abgeschlossen.
Die SWAP-Transaktionen haben eine Restlaufzeit bis 9 Jahre.
25. Treuhandgeschäfte
Treuhandanlagen bei Drittbanken
0
0
In Fremdwährung
In Schweizer Franken
4 865
6 085
Total Treuhandgeschäfte
4 865
6 085
2012
in CHF 1 000
2011
in CHF 1 000
14 477
13 819
26. Erfolg aus dem Handelsgeschäft
Devisen- und Sortenhandel
Wertschriften
Total Handelserfolg
60
– 69
14 537
13 750
2012
in CHF 1 000
2011
in CHF 1 000
103 015
87 712
27. Personalaufwand
Gehälter (inkl. Bankbehörden)
Sozialleistungen
7 755
6 518
Beiträge an Personal- und Wohlfahrtseinrichtungen, Kaderkasse
8 289
6 761
Übriger Personalaufwand
4 467
4 153
Total Personalaufwand
123 526
105 144
151
152
3. FINANZBERICHT / INFORMATIONEN ZU BILANZ, AUSSERBILANZ UND ERFOLGSRECHNUNG VAB
GB 2012 / VALIANT HOLDING AG
28. Sachaufwand
2012
in CHF 1 000
2011
in CHF 1 000
Raumaufwand
10 036
9 291
Aufwand für EDV, Maschinen, Mobiliar, Fahrzeuge und übrige Einrichtungen
48 951
46 484
Übriger Geschäftsaufwand
41 995
52 568
100 982
108 343
2012
in CHF 1 000
2011
in CHF 1 000
Aufwand für laufende Ertragssteuern
21 686
27 730
Auflösung Rückstellung latente Steuern
– 2 300
– 3 000
Total Steueraufwand
19 386
24 730
Total Sachaufwand
29. Steueraufwand
Im Berichtsjahr wurde eine freiwerdende Steuerrückstellung per 2007 von CHF 3,2 Mio. dem Steueraufwand gutgeschrieben.
30. Erläuterungen zu ausserordentlichen Erträgen und Aufwänden
Ertrag
Gewinn aus Verkauf von Liegenschaften
Auflösung von Reserven für allgemeine Bankrisiken
RBA-Futura AG / Hilfsfonds-Auflösung
2012
in CHF 1 000
2011
in CHF 1 000
1 682
1 563
16 552
18 566
7 487
7 487
Auflösung nicht mehr benötigter Rückstellungen
0
1 353
Übrige Posten
0
2
25 721
28 971
Verlust aus Verkauf von Liegenschaften
9
173
Übrige Posten
2
1
11
174
Total ausserordentlicher Ertrag
Aufwand
Total ausserordentlicher Aufwand
154
3. FINANZBERICHT / REVISIONSBERICHT VALIANT BANK AG
GB 2012 / VALIANT HOLDING AG
Revisionsbericht Valiant Bank AG
GB 2012 / VALIANT HOLDING AG
3. FINANZBERICHT / REVISIONSBERICHT VALIANT BANK AG
155
ANNEX II:
Press Release of April 17, 2013
Translation – The German version is binding.
Press release
Berne, 17 April 2013
CEO Michael Hobmeier leaves Valiant Bank
Valiant Holding AG and Valiant Bank AG and their CEO Michael Hobmeier have, by mutual
consent, agreed to terminate the employment relationship. Michael Hobmeier will leave the bank
after ten successful years on 30 April 2013. Deputy CEO Martin Gafner will assume the position
on an ad interim basis until a new CEO is appointed. Long-standing Member of the Board of
Directors Paul Nyffeler will provide advice and support to him on strategic matters. The Board of
Directors thanks the departing CEO for his outstanding service to the company.
At the beginning of March 2013, Valiant Holding AG and Valiant Bank AG announced that the company was
to reposition itself as an independent, supra-regional bank active exclusively within Switzerland. As part of this
repositioning, the Board of Directors and CEO Michael Hobmeier agreed to terminate the employment relationship by mutual consent. Michael Hobmeier will leave the bank on 30 April 2013 to pursue new professional
challenges.
The Board will secure the future development of the bank by appointing a new leader to spearhead operations.
The evaluation process for Michael Hobmeier’s successor is underway. Valiant will provide further information
on the appointment of the new CEO in due course. Until the new CEO takes office, Deputy CEO and Head
of Clients/Markets Martin Gafner will lead operations at the bank on an ad interim basis. He will be advised
and supported in the further implementation of the strategy by Paul Nyffeler, who has been a Member of the
Board of Directors since 2008. As has already been announced, Paul Nyffeler will not stand for re-election to
the Board at the Annual General Meeting on 24 May 2013.
During his ten years at the bank’s helm, Michael Hobmeier was acknowledged as having made a significant
contribution to its performance. Under his leadership, it has been possible to position Valiant as a solid bank
on the Swiss market. The Board of Directors thank him for his excellent service and wish him every success,
both personally and professionally, for the future.
(This page has been left blank intentionally.