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UBS main attacks cantonal banks – business

UBS Manager Sergio Ermotti sees the big banks being treated unfairly, why, thanks to strict legislation, there would no longer be any risk for taxpayers. On the other hand, Ermotti attacked the cantonal banks during a lecture at the Swiss financial institution. "If you talk about financial stability, you should also talk about cantonal banks," says Mr Ermotti.

According to Ermotti, there is not enough talk about the tax risk posed by the cantonal banks: "No less than half of the cantons have cantonal banks whose balance is greater than the gross domestic product in these cantons," Ermotti says.

Despite this size of the cantonal banks, there is little criticism of the state guarantees that favor some of the Cantonese banks. For example, Zürcher Kantonalbank has government coverage of the canton. Say, if the bank gets into trouble, the taxpayers in Zurich have to catch the canton.

Some canton banks are even active abroad and outside their home canton. For example, Zürcher Kantonalbank has a subsidiary in Austria. Furthermore, the cantonal banks have grown "considerably more than the rest of the economy in each canton" over the past 1

0 years, "Ermotti says. (editors Tamedia)

Created: 25.06.2019, 20:01

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