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LLB Switzerland has expanded its teams in Zurich, St. Gallen, and Winterthur, hiring nine new advisors to support its growth strategy. Key appointments include Thomas Knechtli as Regional Head of Corporate Clients in Zurich and Jonas Niggli as Head of Corporate Clients in St. Gallen. The new hires, primarily from UBS and other banks, coincide with the opening of new offices in Zurich and St. Gallen.
The Swiss National Bank has implemented its third consecutive interest rate cut, driven by the strong appreciation of the Swiss franc and a notable decline in inflationary pressure. With inflation forecasts for 2025 revised down to a concerning 0.5 percent, the cut aims to alleviate pressure on the Swiss export industry and widen the interest rate differential with the eurozone and the US.
UBS subsidiary Fides Treasury Services has appointed François Schnyder as its new CEO, effective October 1, 2024. Following the merger of UBS Switzerland AG and Credit Suisse (Switzerland) AG, Fides becomes an independent entity wholly owned by UBS, enhancing its multibanking and payment solutions for corporate clients. Schnyder brings 30 years of banking experience, having held various senior roles at UBS and Credit Suisse, including Regional Head Valais.
The Swiss National Bank (SNB) has cut its benchmark interest rate by 25 basis points to 1.00 percent, signaling a likely further reduction in December and March due to low inflation and economic weakness. Analysts anticipate continued upward pressure on the Swiss franc, suggesting potential foreign exchange interventions to stabilize the currency. The SNB's revised inflation forecasts indicate a significant decrease in price pressures, reinforcing the need for a cautious monetary policy approach.
The ECB's banking supervisory authority revoked Banque Havilland's license in Luxembourg, prompting the search for buyers for its subsidiaries in Monaco and Vaduz/Zurich. Andbank backed out of acquiring the Monaco unit after due diligence, while a consortium of private individuals, including industry heavyweight Martin Gilbert, is set to take over, pending regulatory approval. In Vaduz, EFG International appears to be the frontrunner for an asset deal following the self-liquidation of the Liechtenstein subsidiary.
The ECB revoked Banque Havilland's banking license in Luxembourg, prompting the search for buyers for its subsidiaries. Andbank has withdrawn its interest in the Monaco branch, while a consortium of private individuals, including Martin Gilbert, is set to acquire it, pending regulatory approval. Meanwhile, the Liechtenstein subsidiary faces liquidation, with EFG International emerging as a potential buyer.
The Swiss National Bank (SNB) is expected to lower its key policy rate further, with analysts predicting a cut to 0.75 percent by December. The bank's recent communication indicates a proactive stance on managing inflation and the strengthening franc, while also preparing markets for additional rate reductions in the coming months.
The Swiss National Bank (SNB) has lowered its key interest rate to 1%, marking the third consecutive cut of 25 basis points. The SNB's unusually clear guidance indicates that further cuts may be necessary due to significant disinflationary trends and a strong Swiss franc, which has contributed to lower inflation rates. Another reduction is anticipated in December, followed by another in March.
The Swiss franc is expected to remain slightly above the 0.95 mark against the euro in the coming weeks, influenced by recent trends in the dollar-franc and euro-franc exchange rates. The dollar's recent weakness, due to Fed interest rate cuts, has strengthened the franc against the euro, but a potential dollar rebound may lead to the franc losing some ground against the euro.
Regula Berger will relocate to Basel as the new Group CEO of Basler Kantonalbank, taking over from Basil Heeb next year. Although she has been with BKB since 2018, she has maintained her residence in Zurich. The move aligns with the unwritten rule for heads of cantonal banks to pay taxes in their respective cantons.
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