Swiss Private Banks Urged to Partner in a `Complex' World
- Financial burdens have risen since global crisis, Scheidt says
- Swiss banking association chief spoke in a Singapore interview
This article is for subscribers only.
Switzerland’s diminishing band of mid-sized private banks should consider teaming up with other firms to expand in Asia and tap into the business of managing the wealth of the region’s millionaires, according to the chairman of the Swiss banking association.
Since the global financial crisis and the end of banking secrecy, smaller Swiss wealth managers have faced heightened competition and swelling regulatory costs, making it tougher for them to spend money on forays overseas, Herbert J. Scheidt said in an interview in Singapore.