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Swiss Bankers urge financial center alliance after Brexit: FT

Friday, July 8, 2016 - 00:22

[ZURICH] As four of the world's biggest financial centers, the UK, Switzerland, Hong Kong and Singapore should collaborate to tackle regulation and policy issues, said Patrick Odier, head of the Swiss Bankers Association.

"Coordinating our efforts would make it easier and quicker to discuss issues and come to solutions over challenges" with the European Union, said Odier, who is also the senior partner at Compagnie Odier SCA.

His comments, in an interview published Thursday by the Financial Times, were confirmed by Sindy Schmiegel, a spokeswoman for the industry group in Basel.

The UK vote to leave the European Union has thrown into question the country's future status as a gateway to doing business in Europe. Half the world's financial firms have global or regional bases in the UK, including the two Swiss banks.

While people move freely between Switzerland and the EU, Swiss banks cannot access the common market without restrictions as their country isn't a member of the 28-nation bloc.

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