2011 AnnuAl RepoRt - Valiant Bank

Valiant privatbank. in 2001 bernhard Röthlisberger was appointed head of
the regions of emmental / oberaargau, lucerne and Zug, becoming a mem-
ber of the expanded executive board of Valiant bank in June 2010.
i am positive that with the new executive board we will have an experienced
and expert management team that will lead Valiant into a successful future.
Valiant shares
upon entering into the marketing and sales alliance with Valiant, ZKb
acquired 3.01 % of the share capital of Valiant holding at the going market
rate. other shareholders also acquired shares in Valiant last year. the result
is that we were able to report exceeding the 3% threshold of trea-sury shares
at the end of June.
thanks to its sound showing Valiant can maintain its dividend policy. A motion
will be made at the AGm that an unchanged distribution of ChF 3.20
per share be made from the capital contribution reserve. For natural persons
holding Valiant shares in their private wealth and having their tax domicile
in Switzerland, this dividend payment will also be income tax-exempt.
Outlook
both the eCb and the Fed have announced that they intend to keep the
prime / base rate low during the next few years to come. this means that the
Swiss national bank’s hands are tied with regard to any rises in interest rates,
and therefore the pressure on interest margins is expected to remain high.
Continuously reviewing our cost and personnel structure and branch network
will continue to be a top priority for us at Valiant this year as well.
the political climate in Switzerland remains charged owing to the issue involving
the untaxed client funds of uS persons held in Swiss banks. Since
Valiant has always been a regional bank with a focus on the Swiss market,
the number of uS persons served by us is minor. We already reached the
decision last year to sever ties with uS clients who refused to sign the required
documents for disclosing their client relation.
RepoRt by the ChAiRmAn 7