Add to that a broadly based economic recovery that will lead to economic growth across all 45 member states of the OECD as well as higher growth rates in 33 of the countries than last year – a rare occurrence.

The positive growth outlook is will be of particular help for international players, because they are more likely to turn good market performance into profits than the domestic champions.

Credit Suisse or UBS?

Credit Suisse has a leg up on UBS in investment banking, as illustrated by the league tables published by «Thomson Reuters». And the smaller bank still has a lower valuation than UBS.

Pure players such as Julius Baer stand also to profit from the development. The share of the private bank recovered quickly from the dip following the departure of its charismatic CEO Boris Collardi in November and recently reached a record 64 francs.

European Opportunities

Vontobel and EFG International are two other banks likely to benefit from more favorable economic prospects. EFG has been able to restore its image – the surge of its stock is evidence enough. It gained 75 percent from a year ago, the biggest increase among Swiss listed banks.

Outside Switzerland, there are banking stocks with potential across Europe, helped by an ongoing consolidation among institutes. One of the banks to watch is Commerzbank, a takeover candidate. Some say that UBS is tempted: the rumors have helped the German bank to double in value within 12 months.

By contrast, Deutsche Bank shareholders are less blessed; their bank failed to provide any added value over the past months. The share price is lower than a year ago – but perhaps this is the right moment to invest?