Leonteq and Glarner Kantonalbank (GLKB) have reached a cooperation agreement for the marketing, distribution and administration of innovative private pension savings solutions.
Under the terms of the cooperation agreement, private pension investors in Switzerland are to be offered savings and investment solutions. In the context of the partnership between the two companies, Leonteq will act as the service and technology partner, while GLKB will contribute its extensive expertise in the areas of banking and digitalization.
The products will be administered on Leonteq’s newly developed technology platform and digitally marketed via a new third-party company. Leonteq and GLKB will each hold 50% of the shares in that company once it is established.
Leonteq has worked with GLKB to develop a purely digital, innovative savings product that offers private pension investors the combination of a guarantee and an upside potential, as opposed to ongoing interest payments. This first joint product is expected to be launched by the end of 2021.
In this context, Leonteq’s Insurance & Wealth Planning Solutions (IWPS) business unit has created a new digital platform, SIGMA, for its partnership with banks in the area of savings solutions based on the existing platform for insurance companies. The SIGMA platform will make it possible to offer and administer savings products of this kind on an automated and scalable basis. In addition, Leonteq will operate a mobile app and a related website with easy navigation and digital onboarding.
Lukas Ruflin, CEO of Leonteq, stated:
“After many years of development work, we are very pleased to expand our savings concept and the related technology from the insurance business in order to now incorporate innovative banking products. With Glarner Kantonalbank, a digital pioneer in the Swiss financial market, we have found the ideal partner to support these efforts.”
Sven Wiederkehr, CEO of Glarner Kantonalbank, stated:
“Offering digital banking products – and thus meeting current and future client needs – is an integral part of GLKB’s strategy. With Leonteq as a service and technology partner, we can further intensify these activities with a focus on specific offerings. Our two companies ideally complement each other in terms of our expertise in this area, creating considerable potential synergies.”
Leonteq and GLKB are convinced that in the area of voluntary retirement savings, there is a genuine need among many bank clients for products with a guarantee component and upside potential. The cooperation agreed by Leonteq and GLKB will allow them to jointly meet this need.
Featured image credit: Glarner Kantonalbank