The Vontobel Chairman of the Board of Directors anticipates a wave of takeovers in the banking industry.
Zurich Herbert Scheidt, Chairman of the Board of Directors of Vontobel and long-time chief lobbyist of the Swiss banks, warns that the European banks will lose touch with the US competition. One reason for this is the banking regulation in Europe, which “does not facilitate the exchange of financial services, it actually makes it more difficult”. The banking market is still too fragmented.
The German-Swiss top banker therefore expects cross-border mergers: “Mergers are necessary in the medium term in order to survive in international competition,” says Scheidt. “We will have to say goodbye to national thinking in banking.”
In his opinion, the Swiss banks cannot escape the pressure to consolidate either. However, the specialization in wealth management, which is booming worldwide, helps you. “The large German banks lack this competitive advantage,” says Scheidt.
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