Banks ZKB CEO sees sufficient competition even after the loss of CS

Urs Baumann, CEO of Zürcher Kantonalbank, sees sufficient competition in the Swiss financial center even after the demise of Credit Suisse. It can continue to fully meet the needs of the Swiss economy, Baumann said in a speech.

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 meet the needs of Swiss institutions. "However, there are enough international banks that can do this and are now sniffing the morning air," said Baumann at the Finance Forum Zurich. Accordingly, competition is also intensifying here.

The same applies in the area of corporate financing. Thanks to their network, cantonal banks could also offer companies capital procurement via syndicated loans or by issuing bonds or shares: "Cantonal banks can do everything in a network 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.

SDA