Foreign Banks Pack Their Bags In Switzerland

Foreign Banks Pack Their Bags In Switzerland by Matthew Allen, Swissinfo.ch

The foreign banking sector in Switzerland has been hit by a wave of dissolving or merging banks in recent years. Major players from China and Brazil are being tipped to take their place.

Numbers of foreign-owned banks in Switzerland have declined from 162 at their peak in 2009 to 121 at the end of May this year with the likes of Lloyds Banking Group PLC (ADR) (NYSE:LYG) (LON:LLOY), ABN Ambro, Banco Santander, S.A. (ADR) (NYSE:SAN) (BME:SAN), Commerzbank AG (ADR) (OTCMKTS:CRZBY) (ETR:CBK) and ING Groep NV (ADR) (NYSE:ING) packing their bags.

The trend continued in July with the Israeli-owned Bank Leumi agreeing to sell to Julius Baer and Portugal’s Espirito...