Switzerland-based Swissquote has announced on Wednesday that it is expanding its partnership with Luzerner Kantonalbank AG (LUKB), which will become the former’s exclusive partner for mortgages from the beginning of 2022.
The two banks already partnered last month, under which, three Actively Managed Certificates (AMCs) issued by LUKB are being offered by Swissquote’s online Trading Platform .
Under the freshly-inked deal, the two banks will jointly offer Swissquote clients attractive terms for online mortgages for home financing and mortgage redemption.
The two partners will be using standardized product structures and automated processes to cut the long approval process. They are expecting to offer the binding financial offers within 24 hours.
Commenting on the partnership, Swissquote CEO Marc Buerki said: “We are delighted to have found, in Luzerner Kantonalbank, a partner with a proven track record in the mortgage business. We are confident that LUKB will prove to be a solid and agile partner that will enable our clients to benefit both from nationwide reach and from up-to-date product portfolio.”
An Old Swiss Bank
Established in 1850, LUKB does its core business within real estate and corporate financing, among others. The latest deal came at a time when Swissquote is collaborating with outside companies to expand its offerings further. Earlier, the Swiss company tapped Tesla to start a car leasing service.
“The distribution partnership with Swissquote, which has made a name for itself as an online bank, means we can leverage our own bank’s mortgage expertise, both digitally and by extending its catchment area. In doing so, we are creating the basis for continued growth and greater efficiency in one of our core fields,” said Danial Salzmann, Chief Executive at LUKB.
Meanwhile, Swisquote’s financials are touching new records. The trading platform reported a record net revenue of CHF 317.3 million in 2020 and launched a digital banking app recently.
