Traditional Swiss Banks Take The Lion's Share

PT       2001-06-25 
Is the Swiss banking industry losing its edge? Many fear that the country, which is at present estimated to hold one third of the private money managed offshore, is one of the jurisdictions most at risk from the changing dynamics of the international private banking industry. It is no longer the only country with a strong currency and an absence of exchange controls, and recent international pressure to tighten up on tax evasion and money laundering means that its banking secrecy laws just ain't what they used to be. UBS and Credit Suisse, two of Switzerland's largest banks only increased their assets under management by a combined SFr20 billion last year.