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Barclays Says Swiss Bank Is Vital Wealth Management Hub

Barclays Plc, Britain’s second-biggest lender by assets, said it’s committed to making its Swiss private bank profitable because the unit is crucial to increase business from rich individuals and families.

“There is certainly confidence and commitment to Switzerland,” William Oullin, chairman of Barclays’s international private bank, told reporters at a presentation today in Geneva. “I don’t see today Barclays carrying on with international wealth management without Switzerland.”