Recently I was doing research regarding publicly traded companies in Switzerland. In the process I discovered that the Swiss National Bank (SNB), which is the central bank of Switzerland is a publicly traded corporation. This fact took me by surprise as most central banks are closely held by the federal government in most counties. However, due to Switzerland’s history as a collection of independent Cantons the Swiss National Banks is owned by a wide variety of independent owners.
Shares of the Swiss National Bank are majority held (61.6%) by the various Swiss Cantons with the Canton of Berne being the largest shareholder with 6.63% of the outstanding stock. The remaining 38.4% of the outstanding shares are free floating on the public market. The wide dispersion in ownership of the Swiss National Bank has probably contributed to the historically conservative nature of the bank. This fact has historically allowed Switzerland to keep inflation rates low and keep the Swiss Franc relatively strong.
The share capital of the Swiss National Bank amounts to CHF 25 million. It is divided into 100,000 registered shares with a nominal value of CHF 250 each. The current market cap of the shares of the Swiss National Bank is CHF 100 million. A dividend not exceeding 6% of the share capital is paid from the net profit. At a current market price of CHF 1000 per share, the shares have a dividend yield of 1.5%. Movements in the price of the SNB share resembles those of risk-free long-term bonds rather than shares (as the dividend is limited to 6% of the share capital by law).
Share Price Performance Chart
Breakdown of Shareholders
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