Higher regulatory and compliance costs paired with thinner margins prompted a wave of speculations for mergers in the Swiss banking industry. It is happening confirms Zeno Staub, Vontobel CEO, to Bloomberg, but at a slower pace.
Vontobel, a category 3 bank under the US Program, is still interested in acquiring a private bank in Switzerland or a management firm on- or offshore. Zeno Staub mentioned that they have declined a number of potential purchases this year.
Consolidation in the Swiss banking sector will continue according to consultancy firms. 2014 saw, for example, HSBC Holdings Plc selling about $13.4 bn, i.e.15% of its Swiss private bank’s client assets to LGT Group in June or Royal Bank of Scotland Group Plc considering a sale of the international arm of its Coutts private bank, as confirmed on August 11, 2014.