swiss banking – roadmap 2015

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  • 1. September 2007Swiss Banking Roadmap 2015

2. ContentsEditorial1Summary2Overview of the study4Private banking8Retail banking10Investment funds12Pensions business 14Hedge funds 16Private equity18Swiss capital market20Commodity trade finance 22 3. Editorial Dear Reader Switzerlands financial service providers, with banks leading the way, enjoy a respected position on the international scene. They are among the worlds market leaders in many areas and, with a share in the countrys overall value added of 15%, represent the most important sector of the Swiss economy, making a key contribution to the countrys prosperity and standard of living. In order to ensure that this remains the case in the fu- ture, the banks, under the aegis of the Swiss Bankers Association, have carried out a care- ful analysis of individual areas of business that are particularly important for the future and worked out specific measures that are essential for continued success. Together with input from other members of the financial community, such as insurance companies, the funds industry and the SWX Swiss Exchange, these findings will provide the foundation for an overarching 2015 financial centre strategy. The objectives and measures drawn up are intended as a basis for discussions with politicians and government authorities aimed at ensuring that the economic contribution made by the financial sector remains high over the years to come and that Switzerland does not fall behind in global competition with other financial centres. We are pleased to present this brochure, containing the key findings from the analysis for the banking sector. Pierre G. Mirabaud Chairman, Swiss Bankers Association 1 SBA Roadmap 2015 4. Summary The financial industry accounts for 15% of Switzer- 2 lands economic value added, making it the most im- portant sector of the countrys economy and a crucial pillar of its prosperity. The Swiss financial centre is also the worlds biggest cross-border asset manager. However, this success which is based to a large part on the effective protection of privacy (bank-client con- fidentiality) should not be taken for granted: compe- tition in the global financial industry is fierce, both good position and need to be further strengthened. The between individual players and, in particular, betweenfocus is on the following eight areas of business: the different financial centres. private banking; With a view to ensuring that the Swiss financial centre retail banking; remains competitive and can become even more suc- investment funds; cessful in future, the banks in Switzerland, under the pensions business; aegis of the Swiss Bankers Association (SBA), have con- hedge funds; ducted a comprehensive analysis of opportunities and private equity; risks and have drawn up a roadmap for the future of Swiss capital market; Switzerland as a banking centre. The resulting object- commodity trade finance. ives and measures are intended as a basis for discus- sions with politicians and government authorities, andThese eight areas of business have been analyzed in have been drawn up with a view to sustaining and fos- detail as part of a broad study. Developments in the tering Switzerlands position as a financial location.different segments over the last ten years have been This analysis is to be complemented by similar studiescompared with those seen in the Swiss financial from other members of the financial community, ultim- centres direct competitors (London, New York, Luxem- ately resulting in a consolidated and coherent financialbourg, Singapore or Ireland). This location analysis centre strategy.has been used to form a clear picture of the prospects for the future and to determine what action is needed Central to this investigation are areas of business which in the different areas of business in order to enhance have major growth potential or already enjoy a very the competitiveness of the Swiss banking sector.SBA Roadmap 2015 5. 3 On this basis, more than seventy specific institution- al, regulatory and tax-related measures have been drawn up, of which, after careful deliberation, twen- ty were given priority status and included in this po- sition paper. Core elements of these proposed meas- ures aimed at realizing the growth potential of the Swiss financial centre are:One key to success is to ensure better coordination of strengthening competitiveness in tax matters;current and future measures with the authorities. With strengthening competitiveness through appropriatethis in mind, regular discussions are to be put in place implementation of international standards whilebetween the senior officers of the different associations, maintaining bank-client confidentiality; the authorities and politicians. fostering the effectiveness of the authorities in mat- ters relating to Switzerland as a financial centre;We firmly believe that a well-functioning and competi- fostering the attractiveness of Switzerland for col- tive financial sector is essential to every economy and lective investment schemes;ultimately helps to ensure the well-being of the coun- improving the framework conditions for trusts andtrys citizens. We are pleased, therefore, to be able to foundations; make a contribution, through this position paper, to an making the regulatory framework more flexible forin-depth discussion of the future path to be taken by pension funds business.an important part of the Swiss economy.SBA Roadmap 2015 6. Overview of the study Future success has to be earned Swiss financial centre under growing competitive pressure 4 With a share in national economic value added of Growth of real-term value added for the financial industry 15%, the financial industry is the most important IRsector of Switzerlands economy and makes a decisive340 1980=100, 1990=100, 2000=100contribution to the countrys prosperity. However,300Swiss financial centre inthe '90s : LX this success is not set in stone and needs to be earned 260 Swiss financial centre in the '80s:E 3,9% growth p.a.E Ranked foruth anew every day. Switzerland is internationally recog- E 6,8% growth p.a. E Ranked secondSwiss financial centresince 2000: 220E 0,8% growth p.a. nized as a financial centre and has a leading position E Ranked sixthUK in individual sectors such as asset management. Com-180CHJPIRUKFR US petition in the global financial industry is fierce, not140DEUS CH DE US just at company level, but also between the differentIR JP UKJPCH DE 100 FRLX financial centres. It is against this backdrop that theLXFR 60 Swiss financial centre and its protagonists must make 198019891990 1999 20002006their presence felt. Many financial services are alreadySource: UBS, BAK Basel Economicsbeing bought in from other countries, and it is there that the value added is being created. Competitive pressure on the Swiss financial centre remains at aThe institutional, regulatory and tax framework has a high level.crucial role to play in the potential of individual areasof business. The way an initial advantage can be squan- If the Swiss financial centre is to remain competitive,dered more or less overnight, to the benefit of other action is needed. The banks, under the aegis of thefinancial centres, has been demonstrated in recent Swiss Bankers Association (SBA), have therefore con- decades with the migration of the gold business or of ducted a comprehensive analysis of opportunities and fund production out of Switzerland. In contrast, the risks and have drawn up this position paper, based onrecent growth in structured products promises positive a detailed study. The objectives and measures deriveddevelopments. Shares in a global marketplace will only are to form the basis for discussions with politicians be maintained or won if business, legislators and regu- and government authorities. The analysis is to be com- lators are pulling in the same direction. There are clear plemented by similar studies from other members of the examples of how focused measures can lead to very financial community, resulting finally in a consolidated positive financial sector outcomes (e.g. the Big Bang and coherent financial centre strategy.in London).SBA Roadmap 2015 7. This investigation focuses on eight areas of business: private banking, retail banking, investment funds, pen- sions business, hedge funds, private equity, capital market business and commodity trade finance. All these areas have significant growth potential or al- ready enjoy a very good position which needs to be In order to enhance the competitiveness of the Swiss maintained.1 financial centre, the banks aim to ensure that new busi-ness opportunities can be tapped and effectively ex- In drawing up this paper, the aim of the Swiss Bankers ploited. Switzerlands banks need to pay particular Association (SBA) is to help foster Switzerlandsattention to: position as a financial location: similar initiatives have been undertaken in the past, such as the SBA study of the maintenance of financial privacy; February 2003: Swiss Banking: a programme for the outstanding advisory and service quality; future. In view of the strategic importance of system- a competitive cost-earnings relationship or a high atically promoting Switzerland as a financial centre, alevel of productivity; precise and fundamental analysis of the framework innovation and technology (in particular, the on- conditions needs to be carried out at regular intervals. going development of different services); With this in mind, the present document is part of a responsible reputation and risk management; global and integrated study of developments in the overall attractiveness as a location of choice for financial sector in Switzerland and abroad.internationally-mobile and highly-qualified employees. 5 Core elements and aspirations The objectives or aspirations can be summarized as From a strategic point of view, certain core elements offollows. the n

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