When one player is absorbed, the musical chairs are being rearranged and that creates opportunities," said Enna Pariset.

After collapsing of Swiss Giant CS. (Credit Suisse) Attractive opportunities arise for other global financial players.

Reuters says

France BNP Paribas, Germany's Giant, Deutsche, US Lenders Citi and Bank of America are among those increasing staffing and courting smaller companies that form the bedrock of the Swiss economy.

Anna Pariset who heads of BNP Paribas Swiss operations, says

"When one player is absorbed, the musical chairs are being rearranged and that creates opportunities,"

She says,

"Sometimes you're lucky."

From the clients perspective

Nicola Tettamanti, president of Swissmechanic, which represents small and medium-sized industrial companies in Switzerland, welcomed the moves by foreign banks, although he said the benefits might take some time to filter down.

""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."

"I think they will focus on the big companies first, but the smaller companies will eventually see the benefits after the banks have built up their business," added Tettamanti, who also wanted Swiss banks to do well abroad.

"We managed both to win new business and increase our business volumes with existing customers,"

Veronique Voser, Head of unit of Germany Switzland and Austria, 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 Anna Pariset.

"Brooke Wachtel, Bank of America's head of corporate banking in Switzerland, said the window of opportunity was closing. "Corporates are seeking new banking partners and are expected to fill this gap within the next 12 to 18 months," she said."

SOURCE:

https://www.reuters.com/business/finance/foreign-banks-target-switzerland-after-ubs-takeover-credit-suisse-2024-06-24/

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