Intergenerational divide breaks out at Swiss bank Syz, son of founder leaves with encryption project

On March 23, it was reported that Swiss private bank SyzBank recently broke out within the family. Marc Syz, son of founder Eric Syz, has resigned with his business partner Richard Byworth due to disagreements with his father on the direction of business development. The core of the differences between the two sides is whether to include crypto treasury company FutureHoldings AG into SyzCapital, the bank's alternative asset division. Mark advocated increased investment in alternative assets, artificial intelligence and digital assets, but the bank's board of directors withdrew approval of the plan due to risk considerations. Mark is currently working to promote a dual listing of Future Holdings in Sweden and Switzerland, planning to build it into Europe's largest Bitcoin treasury company. SyzCapital managed assets of approximately 2 billion Swiss francs (approximately 2.5 billion US dollars) under Mark's leadership, and some funds flowed out after its departure. The bank has also experienced other executive changes recently, with several senior executives leaving, including the chief operating officer. Mark and Byworth still hold about 25% of SyzCapital's shares, and it is unclear whether they will retain their shareholder status in the future. The two also plan to set up a separate portal and establish an independent asset management company to focus on alternative strategies for capital preservation and growth. Syz Bank said through a spokesman that alternative investments remain its core pillar, but would not comment on details of the departure.