Sergio Ermotti warned in a newspaper interview about a decline in the Swiss financial center due to Brexit. Several countries would use the regulation to favor their own banking institutions in international competition. “After the Brexit, the British will do their utmost to strengthen the financial center. Through strict but pragmatic regulation, »said Ermotti in an interview with the« CH Media »newspapers on Saturday. “This pragmatism is sometimes missing in Switzerland.”
Switzerland is still a locational advantage for a major bank from a political and regulatory perspective, said the 59-year-old from Ticino. However, the country must be careful not to fall behind. “Our reference point must be the London financial center.”
Extreme People’s Initiatives
The regulations in Switzerland have become too strict, the banker said. «The fact that there were tightening up was important and right. But in some areas you have gone too far. » “Abuse of direct democracy” with “extreme popular initiatives” also created additional uncertainty.
Ermotti has been CEO of the UBS and is to be replaced in autumn by the head of ING, Ralph Hamers, the Dutch money house, as group leader. In the interview, Ermotti spoke only vaguely about his professional future. When asked whether he wanted to move to the UBS Executive Board in 2022, he said that he did not answer any hypothetical questions and did not seek mandates. Ermotti cannot imagine switching to the competitor Credit Suisse, where President Urs Rohner will step down in 2021. «For me it is not an issue. For me, UBS is the best bank in Switzerland. » (SDA)
Created: 02/22/2020, 05:55 AM
–
