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Swiss Bankers Association outlines 3 principles to keep country a competitive financial centre

18/09/2017 News Team

The Swiss Bankers Association (SBA) has published three principles it believes are necessary to ensure Switzerland remains a globally competitive financial centre.

The first principle is that competitiveness to be consistently taken into account for all bank-relevant regulatory processes. “We do not need a Swiss finish, but rather a Swiss way”, said Herbert J. Scheidt, SBA chairman.

“Regulation must focus unconditionally on competitiveness and take advantage of room for manoeuvre that does not exist in other countries.”

The second principle is openness. “As liberal representatives of open markets, the SBA resolutely calls for market access and the guarantee of equivalence in financial matters before Switzerland embarks on discussions about a further cohesion contribution,” it says.

“Switzerland is not just a random third country, but is extremely closely linked to Europe and has been an established partner of the EU for decades.”

Thirdly the SBA calls for innovation and said it is in “intensive discussions with its members about the trends in the industry that are opening up through the developments in digitalisation.”

It has created a group to “continually analyse the suitability of existing framework conditions with a view to these developments.”

The principles were revealed on the day of its annual general meeting, which is to be held under the motto of “remaining at the top.”

As well as the principles for the wider Swiss market, the SBA outlines three strategic areas of focus for its work as an association: clear positioning, anticipating the framework conditions of tomorrow, and collaboration and strong networks.

At the meeting Kristine Braden, managing director, Citi country officer for Switzerland, Monaco and Liechtenstein, corporate & investment banking head for Switzerland, Citibank (Switzerland) SA will be proposed as a board member.

She will replace Marco Bizzozero, former chief executive Deutsche Bank Schweiz, who has stepped down from the board.

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