Located at the crossroads of Europe, Geneva enjoys a 500-year-old banking tradition. But today, many financial establishments are removing their stores from the city center to new areas on the outskirts.
Geneva, its fountain, its lakeside and its banking district. Or rather what’s left of it. For several years, private banking establishments have been trying to leave the premises. The Pictet bank has moved to the Acacias district. It was joined by BNP-Parisbas. Rothschild and Lombard-Odier are also leaving the city center for the outskirts.
“It’s really a shame,” regrets a Genevan woman interviewed in the street. “It still suited Geneva.” And this other resident believes that “Geneva must ensure that private banks remain in place. This is what makes Geneva’s ‘image’.”
But what is pushing the banks to desert this area? For some, it’s a question of space. In 2025, Lombard Odier will also leave the city center. A new headquarters designed by architects Herzog and de Meuron is under construction in Bellevue, on the shores of Lake Geneva.
“We were spread across eight different houses in the center,” explains Denis Pittet, managing partner of the Lombard Odier Group. “When we made the strategic decision to move, our motto was: One Roof. So everyone under the same roof.”
A logical change, due to lack of available land
Building new large buildings in Geneva, with 16 km2 available, is proving mission impossible, explains administrative advisor Alfonso Gomez. Although he deplores the departure of these financial institutions, he believes that the historic banking district is undergoing a logical change.
“There will be other financial companies, but also restaurants and fitness centers,” explains the elected official. “This small neighborhood – we’re talking about a few square meters almost, maybe a hectare and more – is now experiencing an evolution which makes it more diverse.”
A new turn that retailers will also have to take, with new customers to retain.
Gianluca Agosta/Valérie Wacker (SRF)/ebz
Business
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