Bankers’ Association: No damage to the reputation of the financial center
The Swiss Bankers Association fears that UBS’s emergency takeover of Credit Suisse will not cause any lasting damage to the country’s reputation as a global financial center. “Nobody likes this result and it clearly raises questions,” said the president of the industry association, Marcel Rohner, on Tuesday. But he doesn’t think that trust in Switzerland’s banking expertise has been destroyed.
The financial industry was able to solve a major problem of a major player through very effective cooperation between regulators, supervisors, public bodies and the banks involved. “Given the scale of the problem and the seriousness of the crisis, I think this was clearly a sign of strength, not weakness,” Rohner said.