ZURICH - As Credit Suisse fades into history following its takeover by UBS last year, global banks are expanding in Switzerland to take advantage of companies' desire to spread their business.), Deutsche Bank and U.S. lenders Citi and Bank of America are among those increasing staffing and courting smaller companies that form the bedrock of the Swiss economy.
Credit Suisse, which unravelled after a string of scandals, was long regarded by Swiss industry as the natural partner for business in a banking landscape it dominated alongside UBS. "As a fan of competition I am quite comfortable with more players in the market, which will lead to improved services and better prices," he told Reuters.
"We managed both to win new business and increase our business volumes with existing customers," Voser said, pointing to double-digit revenue growth in 2022 and 2023."In terms of the loans financing, I've seen instances where competitors have been increasing pricing and the clients have asked us to step in as an alternative", said BNP's Pariset.
Asked about the competitive landscape, a UBS spokesperson pointed to previous statements from the bank in which it has, among other things, rejected criticism about its size. Mainly serving firms with sales upwards of 200 million francs, BNP has risen to become number two in the Swiss franc-denominated bond market, and wants to move into share buybacks, said country head Pariset.
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