Last year UBS took over the private banking business of Nordea Bank in Luxembourg, involving client assets of around 15.6 billion Swiss francs.
The deal could prompt similar moves. According to Lagassé several global institutions are weighing a withdrawal from the European private banking market. «This could offer abuying opportunity for Swiss players», he said.
This could also work in the opposite direction. «Private banks here have realized that access to the EU market won’t get any easier in the future», said Lagassé. So now they are trying to go «onshore» in the EU. This prompted renewed activity in Luxembuurg. in recent months. Further deals could follow in France and Germany.
Simultaneously the change in global bank strategies could trigger a further exodus from Swiss private banking. «We expect a handful of foreign banks to withdraw in the coming six to 12 months», said Lagassé.
3. UBP and ACPI: Brexit Headwinds
