ZKB boss sees sufficient competition even after CS exit
Published: Tuesday, Oct 1st 2024, 17:20
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Urs Baumann, CEO of Zürcher Kantonalbank (ZKB), sees sufficient competition in the Swiss financial center even after the demise of Credit Suisse. The financial center can continue to fully meet the needs of the Swiss economy, Baumann said in a presentation at the Finance Forum Zurich.
For the head of Switzerland's largest cantonal bank, this also applies to the corporate client business. He admitted that in the sector of large multinational companies, only UBS and ZKB are still able to cover the needs of Swiss institutions. "However, there are enough international banks that can do this and are now sniffing the morning air," said Baumann. Accordingly, competition is also intensifying here.
The same applies in the area of corporate financing. Through their association, cantonal banks could also offer companies capital procurement via syndicated loans or by issuing bonds or shares: "Cantonal banks can do everything in the association that a UBS can do," said the ZKB CEO with conviction.
However, Baumann clearly spoke out against a significant increase in capital requirements for systemically important banks, including ZKB.
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