Daily Management Review

FT: Chinese clients of Swiss banks alarmed over possible sanctions


Wealthy Chinese clients have revealed that they are extremely concerned about keeping money in Swiss banks due to the possibility of being placed on sanctions lists – primarily because of Switzerland's policy, which has reportedly renounced neutrality earlier, according to Financial Times sources.

Ank Kumar
Ank Kumar
"We were shocked that Switzerland altered its neutral position, not just surprised," a board member of a Swiss bank who handles operations with Asian clients told the Financial Times. "I have data showing that literally hundreds of clients who were planning to open accounts with these banks have begun to refuse."

CEOs of six of Switzerland's top 10 institutions spoke with the Financial Times about the matter. They all claim that Chinese customers want guarantees about security of their money even in the event that sanctions are put in place.

In this respect, one of the executives FT spoke with claimed that Switzerland had retaliated harshly against Russian citizens. He contends that Switzerland needs to define what it will and won't "intervene in" before doing so.

source: ft.com