Swiss banks seeking to compensate for the loss of financial secrecy by setting up operations abroad risk eroding the multinational appeal they enjoy at home, Banque Syz & Co. SA said.
Switzerland’s initiative to cap immigration will damage Swiss wealth managers’ chances of maintaining open access to European Union markets, according to Nicolas Pictet.
Pictet & Cie. Group SCA, Switzerland’s largest closely held private bank, has opened a branch office in Munich as part of a move to expand business with German clients.
Safra Group’s Swiss unit said it wants to grow in Switzerland after acquiring Bank Sarasin, a private wealth and asset manager.
Pictet & Cie and Banque J. Safra, two Geneva-based private banks, were sued for $216 million by the trustee liquidating the former investment firm of con man Bernard Madoff .
Swiss private bank Pictet & Cie was sued by Saudi Arabian company Al Rushaid Petroleum Investment Corp., which said its employees got help from the bank in a bribery scheme.
H. Ty Warner, the billionaire creator of Beanie Babies plush toys, pleaded guilty last month to evading taxes on secret Swiss bank accounts that held as much as $107 million.
A popular vote that may force Switzerland’s government to enact limits on foreign workers would weaken the pool of talent for Swiss financial-services companies, according to a bank lobby group.
Pictet & Cie, Switzerland’s largest closely held private bank, was used by three Americans charged in a scheme to hide millions of dollars in assets from U.S. tax authorities, prosecutors said.
UBS AG, the world’s biggest wealth manager, is targeting millionaire clients in oil-rich Nigeria and Angola as Swiss rival Credit Suisse Group AG withdraws from some African markets.