“Really stirring things up”

Gottlieb Duttweiler established the Migros Bank AG in 1957 as ever-greater sums of money were handled by the Federation of Migros Cooperatives. It was quickly transformed from an internal institution into a retail bank with attractive interest rates and affordable mortgages.

In the 1950s, with the economic miracle, finances flow and grow. At Migros, too, the money flows; in particular, an above-average amount of money is invested in the modernisation of branches, the distribution centre and manufacturing facilities. Hence, the Migros Federation of Cooperatives has to take on an increasing number of “typical bank functions”. When Gottlieb Duttweiler and Migros financial manager Gottfried Kleiner discuss this phenomenon over dinner one evening, the solution becomes clear to them: Migros has to establish its own bank.