The Financial Times speaks to the heads of 6 Swiss banks, among the country’s 10 largest financial institutions, about working with private clients, and they all tell the same story.
-
One of the directors of the board of directors: We are shocked that Switzerland has abandoned its neutral status
The Financial Times revealed that the Chinese are afraid to keep their money in Swiss banks because of the sanctions imposed on Russia.
The heads of Switzerland’s largest banks said their wealthy Chinese clients had become more anxious about keeping their money in Switzerland because of its tough approach to implementing sanctions against Russia.
As one of the directors of the board of directors that oversees the Asian operations of his bank said, “We were not only surprised, but shocked that Switzerland had abandoned its neutral status.”
“I have statistical evidence that hundreds of clients who were looking to open accounts are not now,” he added.
The newspaper spoke to the heads of six Swiss banks, among the country’s 10 largest financial institutions, about working with private clients, and they all told the same story.
Many of them said they were concerned about the chilling effect on their profitable line of business and a critical source of future growth.
According to one banker, the issue of penalties has come up with clients, adding, “It was definitely an issue of concern with clients late last year, they were asking if their money would be safe with us.”
