Incoming Swiss bank lobby chief warns against over-regulation, FT says
Incoming Swiss bank lobby chief warns against over-regulation, FT says 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 EFGN.S, is set to take over as chair of the Swiss Bankers Association next month while remaining CEO of EFG International.
“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.
In the coming days, a Swiss parliamentary committee will vote on proposed new banking regulations for UBS UBSG.S, after a prior panel failed to strike a deal.
(Reporting by Sathvi G Bhat in Bengaluru; editing by Barbara Lewis)
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Incoming Swiss bank lobby chief warns against over-regulation, FT says