Responsible products and services

BCF offers reliable services of impeccable quality at reasonable prices. It attaches great importance to a structured, clear and rigorous advisory process that guarantees professional support at every stage. Customers are fully informed, in detail, about the potential risks associated with the products and services offered.

Investment products are categorised according to their level of complexity. Only advisors certified in the relevant investment category are authorised to offer them to customers. BCF publishes all its flat fees transparently, both for its asset management and wealth management advisory services.

BCF makes all its employees, including its financial advisors, aware of ethical principles, customer financial protection and sustainable development issues.

Quality management is a priority for BCF: it is regularly monitored and continuously improved. All the analyses conducted confirm the effectiveness of the management systems and the high quality of their implementation within the Bank.

BCF relies on effective monitoring mechanisms in place to track business relationships, transactions and compliance with economic sanctions in force. It attaches particular importance to combating money laundering and terrorist financing and ensures that all employees are aware of these issues. Employees are required to read reference documents on these topics and to sign a statement confirming their commitment. Regular internal and external training is provided. For certain positions, this training includes knowledge tests to ensure an adequate level of expertise.

BCF does not enter into business relationships with persons domiciled abroad who have no connection with the Bank’s economic area.

BCF is careful to avoid any form of inappropriate incentives by adopting a moderate remuneration policy. Variable remuneration is not based solely on quantitative business targets, but also takes qualitative criteria into account, such as adherence to ethical values, the quality of the advice provided, the extent to which ESG issues are integrated into the business and customer satisfaction.

All mandates and secondary employment outside the Bank must be declared to avoid any conflict of interest. Regular checks are conducted to identify any discrepancies in employee behaviour. Within this context, the Bank regularly monitors compliance with guidelines and regulations, for example on insider trading and unfair competition. It published a Code of conduct and ethics in 2025 (see the relevant chapter in this report for further details, here).

Reliable, committed, competent and attentive: this is how BCF employees must be perceived by their clients. The Bank attaches great importance to service and proximity. BCF’s strategic objectives set out what customers have a right to expect from their Bank.

BCF regularly measures customer satisfaction by conducting market research. The quality of its services is also checked through mystery shopping. This involves test customers visiting the bank’s counters or contacting the Bank with requests by telephone or e-mail. BCF also has a complaints system to collect and manage customer feedback.

These tools are invaluable for keeping a critical eye on services and processes with the aim of continuously improving them. Employees also have access to a suggestion box, managed by a group of employees between the ages of 20 and 35, the BCF Youth Council, which allows them to submit proposals for improving customer relations.

With its responsible lending policy, BCF plays a key role in the prosperity of the local economy and a stable supply chain. Loans are a major component of BCF’s business model. On a geographical level, it focuses primarily on the canton of Fribourg and neighbouring regions.

The Bank focuses on private individuals, small and medium-sized enterprises (SMEs) and public corporations. At BCF, lending goes hand in hand with integrity, respect for ethical principles and sustainable development criteria.

For every new lending commitment, the Bank applies a lending policy that includes exclusion criteria for taking credit risk and for environmental, social and governance risks and impacts in relation to counterparties whose core business is in an unsustainable sector. The exclusions below are designed as much to avoid credit losses (including on assets or business models not compatible with the future) as reputational damage for the Bank.

• Intersectoral exclusions: companies and/or persons involved, regardless of the sector or economic activity, in illegal practices such as corruption, money laundering, terrorist financing, human rights violations, activities in war zones, violations of the standards and principles of the International Labour Organization (ILO), the United Nations Global Compact (UNGC) and OECD guidelines, i.e. essentially:
  – Activities detrimental to human rights or violating human rights;
  – Activities detrimental to the rights of native and/or vulnerable groups without consulting with them or obtaining their prior agreement, free and informed by the United Nations High Commissioner (UNHC) for Human Rights;
  – Activities necessitating or resulting in population displacement;
  – Any form of forced or obligatory activity or work, including child labour;
  – Any form of activity or work involving inequitable practices or dangerous working conditions;
  – Any form of discrimination in terms of employment or profession;
  – Any violation of freedom of assembly;
• Weapons (military goods, technical military products, conventional weapons and controversial weapons);
• Gambling and games of chance;
• Pornography;
• Prostitution;
• Tobacco;
• Narcotics;
• Specific medical activities that may raise ethical questions (euthanasia, assisted suicide);
• Mining industry;
• Palm oil;
• Fossil fuels:
  – Coal;
  – Oil and gas;
  – Unconventional fossil fuels;
• Nuclear energy.

In accordance with its commitment to good practice in the field of sustainability, BCF provides particular support to environmentally friendly construction projects as well as to energy renovations designed to improve the efficiency of existing buildings. The Bank therefore offers two mortgage products, the “Eco Mortgage” and the “Eco Renovation Mortgage”, targeted at homeowners that meet certain energy standards when buying or building a property, or when renovating or extending residential, rental, commercial, trade or industrial property. In addition to personalised advisory service from the first time they contact BCF, customers benefit from a discount on the medium- and long-term fixed interest rate. The conditions are as follows:

Eco Mortgage product

• 0.5% discount on fixed interest rates for 5 to 10 years, 15 years and 20 years on max. CHF 500,000 for residential properties and max. CHF 1,000,000 for rental, commercial, light industrial or industrial properties;
• The following certificates/labels are approved for new builds:
  – Minergie, Minergie P or A certificate;
  – GEAK global A certificate; SNBS label;
• The following certificates/labels are approved for the purchase of an existing building:
  – Minergie, Minergie P or A certificate;
  – GEAK certificate:
  – building constructions <5 years: A overall certificate;
  – building constructions >5 years: A, B or C overall certificate;
  – SNBS label.

Eco Renovation Mortgage product

• 0.5% discount on fixed interest rates for 5 to 10 years on max. CHF 250,000 for residential properties and max. CHF 500,000 for rental, commercial, light industrial or industrial properties;
• The following certificates/labels are approved:
  – Minergie, Minergie P or A certificate;
  – GEAK certificate:
  – building constructions <5 years: A overall certificate;
  – building constructions >5 years: A, B or C overall certificate;
  – subsidies granted under the federal and cantonal building programme;
  – SNBS label.

Both the Eco Mortgage and Eco Renovation Mortgage products were developed by BCF to raise its customers’ awareness of environmental issues and encourage them to play an active role in reducing their environmental impact. The benefits of these products are described on our website www.bcf.ch:
Eco Mortgage:
https://www.bcf.ch/fr/prives/hypotheques-et-credit/hypotheques/hypotheque-eco
Eco Renovation Mortgage:
https://www.bcf.ch/fr/prives/hypotheques-et-credit/hypotheques/hypotheque-eco-renovation

Applying the SBA Guidelines

BCF, as a member of the Swiss Bankers Association (SBA), applies the “Guidelines for Mortgage Providers on the Promotion of Energy Efficiency” published by the SBA in 2022. These guidelines are binding on the Bank and aim to make customers more sensitive to energy-related challenges and assist them in finding ways to improve energy efficiency and maintain the long-term value of their asset. The Bank has incorporated these elements into its mortgage advice for single-family and holiday homes.

The SBA Guidelines notably define the minimum expectations in terms of information, awareness raising and documentation in relation to mortgage financing. By applying them, BCF actively contributes to promoting energy renovations, encouraging responsible investment decisions and supporting national goals to reduce energy consumption and greenhouse gas emissions.

BCF informs customers about building renovation grants to which they may be entitled and refers them to independent specialist services for specific advice. It also ensures that its customer advisors receive regular ongoing training on the long-term preservation of property value and the energy efficiency of buildings.

Online renovation calculator

BCF offers a renovation and CO₂ emissions calculator developed by Wüest Partner AG to customers free of charge on its website www.bcf.ch. This interactive and integrated tool offers real added value to mortgage financing advice. It can be used to evaluate and estimate costs, schedule future renovations, and calculate the sustainability of single-family homes, flats in co-owned buildings and real estate investments. The calculator can be used to estimate the optimum time for renovation and future renovation costs for each building element. The app also provides an overview of grants available for the energy renovation of properties.

Mortgage portfolio assessment

For the third consecutive year, BCF commissioned Wüest Partner AG to assess the CO₂ emissions of its mortgage portfolio. This test enabled the Bank to obtain a detailed assessment of the mortgage portfolio, not only in terms of emissions, but also in terms of the quality of the data as a whole, in particular energy data. This information provides an important basis for assessing and monitoring credit risks and for discussing with customers the issue of long-term value retention and, therefore, the energy efficiency of buildings. That is why the Bank is constantly committed to improving data quality.

The weighted average of direct and indirect emissions (Scope 1, 2 and 3.3) of the BCF mortgage portfolio came to 23.7 kg of CO₂ by m² per year (compared with the benchmark: Canton of Fribourg: 25.8; Switzerland: 30.1) as at 31 December 2025.

Since 2023, the proportion of heating systems using oil or gas within the mortgage portfolio has been in steady decline. In 2025, 37.9% of properties used oil or gas heating, compared with 41.3% in the preceding year. This decrease of more than 3 percentage points reflects our commitment to the energy transition.

In addition, as of 31 December 2025, 39.9% of buildings in the portfolio already had a heat pump, seen as one of the most efficient ways of reducing CO₂ emissions in the property sector. This steadily growing percentage confirms acceleration in investment in favour of sustainable and climate-friendly solutions.

This steadily growing percentage confirms acceleration in investment in favour of sustainable and climate-friendly solutions.

The results of the Wüest Partner evaluation can be seen on the Bank’s website: https://www.bcf.ch/fr/la-bcf/developpement-durable/approche-durable/rapports-et-chartes

BCF evaluated the exposure of its mortgage portfolio to natural hazards for the second consecutive year. The results confirm a low, possible even residual, risk. The exposure of the Bank’s portfolio is below the national average, attesting to good geographical diversification and climate risk under structural control.

A number of specific actions are planned to reinforce the incorporation of ESG criteria into lending activities:

• Expansion of ESG data collection to include the entire portfolio of existing loans;
• Review of the energy renovation guide;
• Increased offering and development of loan products incorporating ESG criteria;
• Definition of quantitative goals in terms of reducing financed emissions;
• Implementation of credit risk management dashboards, including for ESG risks;
• Analysis and implementation of a dedicated tool for collecting ESG data for loans to SMEs;
• Participation in the next PACTA climate test.

As a financial services provider, BCF can exert a certain degree of influence to steer the use of the assets entrusted to it towards responsible choices, thereby helping to reduce potential negative impacts on sustainability. Aware of this responsibility, BCF promotes the responsible management of financial investments, constantly tightening the criteria applied in this area and ensuring transparency, in particular by incorporating MSCI data into all its portfolios.

BCF increases its expertise and commitment to responsible investment year after year. Investments are no longer analysed solely in terms of returns, but also in terms of financial risks related to ESG issues, i.e. their environmental and social impact. BCF is resolutely committed to contributing to a more sustainable global financial system.

Due in no small measure to a partnership with MSCI, BCF is able to provide customers with a report on the sustainability of an investment portfolio on request. In addition, MSCI assigns a sustainability rating to all funds in the BCF/FKB range, which generally achieved good ratings as of 31 December 2025: on a scale ranging from AAA (best rating) to CCC (worst rating), the BCF/FKB (CH) Active Balanced and BCF/FKB (CH) Active Dynamic and BCF/FKB (CH) Equity Switzerland funds each received a rating of AA, while the BCF/FKB (CH) Active Yield fund received a rating of A.

As a member of the Swiss Bankers Association (SBA), BCF is committed to applying the Guidelines for Financial Services Providers on the Integration of ESG Preferences and ESG Risks and the Prevention of Greenwashing in Investment Advice and Portfolio Management. A revised version of these guidelines was published by the SBA in December 2025 with the aim of strengthening Switzerland’s position as a leading hub for sustainable finance. This revision represents a significant step forward and actively contributes to the transition to a more responsible and sustainable economy.

The application of these guidelines ensures a uniform minimum standard for the integration of ESG preferences and risks in investment advice and asset management. In particular, the guidelines are intended to prevent greenwashing in investment advice and asset management services provided to customers.

Careful selection ensures that the ESG investments offered target companies that meet strict ethical criteria, based on sound economic performance, environmental compatibility, strong social responsibility and transparent, robust governance. This gives the Bank’s customers access to a wide range of ESG investments. BCF’s approach to responsible investment is summarised in the “Politique d’investissement responsable” (responsible investment policy) document on the Bank’s website. This document, which is regularly updated in line with changes in practice and BCF’s investment approach, provides a clear and concise presentation of the characteristics, associated risks and guiding principles of investments that incorporate ESG criteria to varying degrees.

A number of specific actions are planned to reinforce the integration of ESG criteria in our investments:

• Definition of quantitative goals in terms of reducing financed emissions;
• Review the investment offering;
• Improve reporting for sustainable products;
• Take part in the next PACTA climate test;
• Observe the UN Principles for Responsible Investment (UNPRI).

Education initiative

Education is indispensable to individual empowerment and social and economic development. The cantonal banks lent their support to a new investment solution Swisscanto (LU) Portfolio Fund Sustainable Balance (CHF) – Education Initiative Swiss Cantonal Banks. This solution is actively managed and highly diversified with a balanced risk allocation. Focused on a sustainable goal, it invests in companies that contribute to the achievement of at least one of the 17 United Nations Sustainable Development Goals (SDGs).

This initiative by the cantonal banks in support of education redistributes part of the fund volume every year to “Education Cannot Wait”, the United Nations fund for education in emergencies and prolonged crises. It received the Ethics in Finance Award in 2025 from the Institute of Financial Analysis of the University of Neuchâtel. This prize is awarded every year in recognition of a financial product or service combining the application of ethical principles and innovation in an outstanding way. As stressed by the jury, the initiative by the cantonal banks in favour of education shows that financial products and social impact do not have to be mutually exclusive. This initiative excels because it efficiently mobilises private capital in favour of a major sustainable development goal and because it has a clear and comprehensible efficiency mechanism as well as tangible social benefit.

With the exception of its old ingots, BCF only purchases and sells gold that is Fairtrade-certified or traceable. This is in response to strong demand from institutions and private investors.

Fairtrade gold

The Fairtrade Max Havelaar label is used for bars of 1 to 20 grams, as a guarantee of better protection of the people and environment in places where gold is mined. Here are a few examples:

• long-term business development with mines;
• a guaranteed minimum price;
• a Fairtrade premium of USD 2,000 per kilogram for the mines in question. This additional income is invested in community projects (schools, water supply, health centres, etc.) and helps to improve mining operations;
• health and accident protection measures (safety, training, protective clothing, etc.);
• prohibition of forced labour, abusive child labour or any other form of discrimination.

The Fairtrade code allows for gold to be traced back to the mine.
For further information see www.maxhavelaar.ch

Traceable gold

The term “traceable” is now used for bars weighing more than 20 grams and ensures traceability as proof of the origin of the gold.

Traceable gold supply chain:

• the gold originates from a certified mine;
• the DNA marker is sprayed onto the raw gold;
• at the refinery, a PCR test is performed on the raw gold to detect the marker. The gold is then processed separately;
• traceable gold bars have a unique serial number and may be stamped;
• there is no mixing with untraceable gold during the production of bars;
• origin information is recorded by Zurich Cantonal Bank;
• the customer has complete transparency and traceability;
• the premium charged by the refinery is used to support environmental and social projects.