What were the reasons for you wanting to join LBMA and what do you see as the key benefits of membership?
Precious metals trading is a key offering we provide to our diverse client base, so connectivity is key. This is a global yet fragmented market, with a diverse range of participants, interests and needs. We believe that LBMA plays a key role in aligning its Members’ interests, shaping and further advancing the marketplace and industry – and being a key market participant, Raiffeisen Switzerland is keen to actively contribute to the development of the marketplace and industry.
Could you tell us about your company's role in the precious metals market
Providing trading and custody services for physical precious metals products is one of Raiffeisen’s core capabilities. The implementation of sustainability standards has therefore played an important role early on. Raiffeisen gold bars have been responsibly sourced and traceable since April 2021, and in November 2021 Raiffeisen successfully launched the first responsibly sourced and traceable gold ETF. Furthermore, Raiffeisen offers precious metals trading on a metal account basis (Loco London and Loco Zurich) for spot, swaps and options.
Please tell us the background and history of the company.
Following the example of Friedrich Wilhelm Raiffeisen in Germany, Switzerland's first cooperative Raiffeisen bank was founded in 1899 with the aim of raising the level of prosperity in the local community through self-help. Thanks to strong growth, especially in mortgage loans, Raiffeisen transformed itself to Switzerland’s leading retail bank that is deeply anchored in the Swiss economy and society. Today, the Raiffeisen Group is one of the largest players in the Swiss banking market with 11,000 employees, over 2 million cooperative members, 3.64 million clients and CHF 242 billion in assets under management.
What factors do you expect to impact your business in the short to long term?
Central bank policies and the new interest rate regime will continue to impact opportunity costs and market sentiment significantly. On a global level, the market and demand for precious metals will naturally be influenced by geopolitics, regional conflicts, and inflation. Beyond market dynamics, we also expect sustainable and responsible sourcing of precious metals to become more important.
What are your future plans for the business in the coming years?
Being an inherently client-centric organisation, Raiffeisen always puts clients’ specific needs at the center. Our precious metals desk is committed to supporting clients looking to trade in precious the metals markets by providing them with the services and products they require to achieve their goals. Our footprint and growth in the marketplace are therefore very much driven by the requirements and needs of our clients, rather than proprietary activity.