Bank expects to benefit from merger CEO
Expects growth plans to be accelerated CEO
Growth potential likely limited by canton ownership professor
Posted record profit for 2022

ZURICH, March 27 Reuters The largest of Switzerland39;s stateowned cantonal banks expects a boost in growth from the planned merger of UBS and Credit Suisse, its chief executive has told Reuters.

Zuercher Kantonalbank ZKB.UL, known locally as ZKB, is already winning customers looking for a safe haven, CEO Urs Baumann told Reuters.

Baumann said the bank had received inflows from various sources though he declined to provide detailed figures.

You can presume that cantonal banks are being seen as …safe havens, he said.

ZKB is coming off a record year having posted a profit of more than 1 billion Swiss francs 1.09 billion for the first time, and a 31 jump in net new assets with the bank disclosing strong inflows of client money.

Baumann, who joined ZKB last September, said he expected to attract customers who may have held accounts at both UBS and Credit Suisse, as they may not want to hold all their money in one bank.

You can assume …we will see clients who want to diversify their assets or their loans across other banks, he said.

There is a chance that the situation might accelerate our existing plans, he added, and suggested the bank would be open to looking into purchasing businesses from Credit Suisse, should they become available.

We want to grow and we have stated that we are…