Switzerland has a long history of offshore private banking, but geopolitical uncertainty and ongoing asset repatriation to Hong Kong and Singapore have seen the country lose its status as the world’s leading booking centre.
Despite this, the Asian branches of private banks in Switzerland remain in place, and some of them are actively hiring staff. Citywire Asia spoke to department heads to understand the importance of these desks even today.
Switzerland’s decision to impose sanctions following Russia’s invasion of Ukraine and the rescue takeover of Credit Suisse by UBS at the behest of Swiss authorities last year were enough cause for concern for international clients domiciled in the country, private bankers said on condition of anonymity, adding that both were unexpected.