Switzerland’s cantonal banks have been among the main beneficiaries in the private banking market over the course of the global financial crisis. Clients have been attracted by their solid image and conservative banking practices and many have been boosting their services to take advantage of the bonanza.
Switzerland’s cantonal banks have been among the main beneficiaries in the private banking market over the course of the global financial crisis. Clients have been attracted by their solid image and conservative banking practices and many have been boosting their services to take advantage of the bonanza.
Both large and small cantonal banks have benefited from the flight of clients from UBS and other banks that took a battering from the markets last year. “For the last 18 months, we have got lots of clients from other banks, especially from the big ones,” said Fortunat Von Planta, the head of Private Banking at Stans-based Nidwaldner Kantonalbank, NKB, in an interview with the wewealthnet.
But the impact of cantonal banks in the Swiss private banking market could be limited by the geographic restriction of their ambitions. Cantonal banks are focused on the cantons they are based in and their private banking departments tend to follow the same kind of policy. Not the least because there is much reluctance in stepping into the market of their peers.
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