Critical Voice

(Swiss finance minister Ueli Mauer, Herbert Scheidt und panel moderator Katja Gentinetta)

Swiss finance minister Ueli Maurer was the only one to lodge a specific appeal. Speaking freely and without notes, he told the bankers that he expected greater «commitment» to join up, instead of hearing from each institute individually every few weeks.

The rebuke addresses the growing divide among Swiss banks following years of scandals, clean-ups, and restructuring focused on major wealth managers. In May, a group of regional banks split off from the main Basel-based lobby with their own sub-group.

No Hiding Behind Rules

To be sure, Maurer represents a far warmer tone from Bern following the tenure of previous finance minister Eveline Widmer-Schlumpf, who bankers blame as the gravedigger of banking secrecy. The conservative, business-friendly Maurer is receptive to the banking industry and has led delegations of bankers to Asia and Saudi Arabia, and is about to head for Israel.

Maurer said he frets over a growing propensity among Swiss banks for «controll-itis,» which imperils competitiveness. He appealed to Switzerland's bankers, who never miss an opportunity to complain about the post-crisis regulatory burden, to take more personal accountability and not to hide behind rules.

Fintech License in '19

Addressing Switzerland's efforts to find a framework agreement with the European Union for financial services, Maurer signaled that the two sides are lightyears from each other. «Nobody's waiting for us to show up,» he reminded the bankers. The EU is Switzerland's biggest trading partner, and Switzerland has adopted many of the bloc's regulation in order to secure market access.

Maurer said the Swiss government hopes for a one-year extension of equivalency agreements – «but let's forget about a permanent extension,» he said. We was more optimistic about fintech, where the government hopes to launch a directive early next year for a «light license» which frees startups of the more onerous regulations which apply to fully-fledged banks. 

Liechtentstein has stolen a march on Switzerland in fintech, Maurer acknowledged, but «we will catch up with them,» he vowed.

Conspicuously Absent

Prominent bankers in the audience included Raiffeisen boss Patrik Gisel, Credit Suisse Chairman Urs Rohner and Credit Suisse Switzerland Chairman Alexandre Zeller, Lombard Odier senior partner (and former SBA Chairman) Patrick Odier, Union Bancaire Privée head Guy de Picciotto, Vontobel CEO Zeno Staub, Mirabaud senior partner Yves Mirabaud and Maerki Baumann boss Stephan Zwahlen.

Neither UBS nor Pictet sent prominent bankers to the event, though new Pictet partner Boris Collardi was elected to the SBA's board as a representative of the Association of Swiss Private Banks, a smaller interest group made up of partner-led wealth managers.

The assembly elected the following bankers to the SBA's board:

• Bernhard Hodler, CEO of Julius Baer, as a representative of the Association of Swiss Asset and Wealth Management Banks
• Adrian Noesberger, CEO Schroder & Co Bank, as a representative of the Foreign Banks in Switzerland
• Marcel Rohner, vice-chairman of Union Bancaire Privée and president of the Association of Swiss Asset and Wealth Management Banks
• Marianne Wildi, CEO of Hypothekarbank Lenzburg, as a representative of the Association of Swiss Regional Banks