Strategic Orientation

At the end of 2002, Management defined a two-phase strategy for BCV, consisting of a strategic realignment on core businesses followed by a growth phase. Beginning in 2003, we successfully refocused operations on our four core businesses, while remaining active in selected niche activities offering strong potential in terms of both growth and profitability.

At the end of 2008, we modified our strategy in order to focus our efforts on our front lines and generate organic growth in our core markets. Management decided that the best way to ensure profitable growth going forward is the business model of a universal bank with solid local roots. Through our new strategy, BCVPlus, we intend to strengthen our position as a full-service bank in the Vaud region and be recognized as a leading financial institution in Switzerland, particularly for private and institutional asset management.

With BCVPlus, we are targeting:

• renewed impetus in retail banking, particularly mortgage lending, by improving front-line execution and overall sales-support efficiency while tapping into the potential inherent in our large client base
• growth in private wealth management, primarily in Vaud, and institutional asset management both within Vaud Canton and elsewhere in Switzerland
• a greater role for SME-related activities
• enhanced volumes and profitability in the Trade Finance and Large Corporates business lines, in accordance with the Bank’s risk profile
• a significant reduction in proprietary risk-taking in trading activities, which will now center on customer-driven business volumes, following our withdrawal from the equity-derivative trading business line.

Management is convinced that quality of execution is a key factor in setting ourselves apart from the competition and driving our success. With this in mind, we launched a series of internal initiatives in 2009 to simplify processes, develop our employees' skill sets, improve customer service and revitalize our sales and marketing approach.