The three founding fathers had created strong legacies for the next generation, but the 20th century presented formidable challenges with two world wars, the Great Depression, social unrest, natural disasters plus unprecedented economic prosperity. In 1923, Japan’s Great Kanto Earthquake and the onset of the Great Depression destabilized SiberHegner & Co. It was transformed into a public limited company headquartered in Zurich, and Willy M. Keller came onboard as shareholder and Vice Chairman in 1932. Meanwhile, Diethelm & Co. had expanded its South East Asian footprint, opening offices in Penang (Malaysia), Saigon (Vietnam) and Bangkok (Thailand), and recorded strong growth, particularly in the travel industry.