Swiss Bank Lobby Chief Warns Over-Regulation May Threaten Financial Centre
Concerns Over Regulatory Impact on Switzerland's Financial Sector
Incoming Leadership at Swiss Bankers Association
Aug 30 (Reuters) - Switzerland risks undermining its position as a global financial centre by imposing excessive regulation on its banks, the Financial Times reported on Sunday, citing an interview with the incoming head of the country's banking lobby Giorgio Pradelli.
Pradelli, who is also the CEO of Zurich-based private bank EFG International, is set to take over as chair of the Swiss Bankers Association next month while remaining CEO of EFG International.
Regulatory Framework and Policy Warnings
“We cannot take it for granted that Switzerland will always be prominent if we do not apply the right policies, including the regulatory framework,” he told the FT.
Upcoming Parliamentary Decisions
In the coming days, a Swiss parliamentary committee will vote on proposed new banking regulations for UBS, after a prior panel failed to strike a deal.
Reporting Credits
(Reporting by Sathvi G Bhat in Bengaluru; editing by Barbara Lewis)