The canton of Thurgau, part of the “Euregio Lake Constance”, may also be called the “Gate of Switzerland” leading to and from the European Union. Thurgau is predestined to attract enterprises from the EU and Swiss companies which are active in the EU or seek to do so.
The Thurgauer Kantonalbank, founded in 1871, has more than 700 employees and a balance sheet total of about 15 billion francs. The legally mandated requirement to foster a vital economy is taken to heart by the state bank with a great sense of responsibility which is documented by its close ties to the market: Seven out of ten small and mid-sized enterprises in Thurgau have business relations with the bank. The ISO certified universal bank provides comprehensive services to private persons, small and mid-sized enterprises (SME) as well as public authorities; about 180,000 customers trust the bank. In addition to 30 branch offices and branches in the entire canton, more than 70 automatic teller machines, various electronic channels, and the Contact Center are all available to customers so that they might transact their banking business with ease. The Kantonalbank is one of the largest employers in Thurgau and trains more than 60 apprentices.
First Contact with a Business Venue
The most important location for banks in Thurgau, above all for the neighboring country Germany, is Kreuzlingen, the border city adjoining Constance. The Swiss banks also offer, of course, their various financial services in the other cities of Thurgau, but Kreuzlingen, the “First City of Switzerland”, holds special importance due to its close proximity to the border. In light of the fact that five banks are located within a short distance of one another along Kreuzlingen’s main street, the Hauptstrasse, one can justifiably speak of the “City of Banking” when talking about Kreuzlingen. UBS, Credit Suisse, Thurgauer Kantonalbank, Migrosbank, and Raiffeisenbank are all located in Kreuzlingen. The quality of services offered by the banks in Kreuzlingen is comparable to that offered in such large national banking centers as Zurich, Basel, Geneva, or Lugano.
The relevance of the banking location Kreuzlingen is quite considerable to the business venue Thurgau. An excellent portfolio of banking services is a decisive factor in attracting enterprises or private persons to Thurgau since many first contacts of interested parties seeking to relocate at home or abroad are established through the service representatives of a bank. Other economic sectors such as, for example, hotels and restaurants, jewelers, factory outlets, or retailers, also profit from the regular visits of international customers.
Clear Rules
It goes without saying that the customer service representatives of an international banking and financial center are familiar with the laws of their customers’ home countries, and more precisely, are well acquainted withthe German regulations and requirements. A written permit (license) issued by the German Federal Financial Supervisory Authority (BaFin) is required, for example, to legally manage and handle banking transactions or render financial services in Germany. However, the possibility also exists for foreign institutions to be exempted from the license obligation in specified business sectors. This option, for example, has already been utilized by UBS and Credit Suisse; this means, therefore, that under certain, clearly defined circumstances and obligations, cross-border banking services may actually be rendered in Germany.
Social Commitment
Above and beyond their core business, Thurgau’s banks are also committed to the social and cultural life of the canton. As the biggest sponsor in the canton, the Thurgau Kantonalbank (TKB) has been supporting, for example, for many years now young talents in sports and culture, sponsoring specifically popular sports, and is involved in cantonal and regional events. In addition, the bank also acts as the organizer of important events. With the Thurgau Apple, the Thurgau tourism award, and the innovation prizes of the Technology Center Constance, the TKB sponsors important awards of the business community. The bank also finances the TKB Professorial Chair for Applied Economic Research at the University of Constance and supports the entrepreneurial center START. As a sponsor, the TKB promotes the realization of numerous events and projects in the cultural and social sector and focuses in the acquisition of artwork on regional artists.
Credit Suisse (CS), for example, grants scholarships for the International School Kreuzlingen-Constance and sponsors the city theater Stadttheater Constance and the philharmonic orchestra Südwestdeutsche Philharmonie Constance. Last but not least, the Kreuzlingen CS Branch Manager, Mr. Daniel Geisselhardt, also points to the “Berliner Kulturstipendium der Thurgauer Wirtschaft,” i.e. a cultural scholarship of the Thurgau business community, which Credit Suisse supports as well as to the financial assistance being provided for the restoration of the park grounds at Arenenberg Castle. Other banks in Thurgau are also promoting a variety of events: The more than 120 employees of the UBS AG corporation in Thurgau are involved in various cultural, athletic, governmental, and business institutions. UBS is, for example, the main sponsor of the Business Forum Thurgau in Weinfelden, the so-called stepping stone event which brings Thurgau enterprises and students from Thurgau together in an innovative setting, as well as the Memorial Mountain Race in Steckborn.
UBS Kreuzlingen organizes the UBS Forum which managed to provide valuable impulses to the Kreuzlingen/Constance region. The Forum’s objective is to improve the culture of talking with one another. Crossing all political and social boundaries, it was possible to discuss topics of general interest and to translate them into action. The urban development and mission statement of Kreuzlingen may serve as examples here.
The Raiffeisenbank has also been active as a sponsor in many social sectors of the canton on numerous occasions.
Thomas Willauer
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