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Domestic banks reject EU finance fusion

A consortium of domestically-focused banks has warned against a financial services agreement between Switzerland and the European Union, as advocated by the recent Brunetti Report into the Swiss financial centre. The consortium – made up of cantonal banks, the Raiffeisen  group, Migros Bank and smaller regional banks – said that while a fusion of Swiss and EU banking laws and regulations might favour larger international institutions (most notably UBS and Credit Suisse), it could pose problems for banks that concentrate on domestic deposits and loans. The Brunetti committee was commissioned by the government in September 2013 to provide advice on a range of challenges facing the Swiss financial centre. Chaired by University of Bern economist Aymo Brunetti, the commission released its non-binding proposals last month. Among other topics, it looked at changing EU financial regulations that threaten to squeeze out Swiss banks from the lucrative market. The report ... Show more

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