SwissBanking
The online magazine of the Swiss Bankers Association
June 26, 2019

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Dear Reader

Dear Reader

As the new CEO of the Swiss Bankers Association, I am delighted to present to you the next issue of our online magazine insight. Our future focus will continue to be on strengthening our financial centre here at home, and I am happy to devote myself to this task.
Jörg Gasser
by Jörg Gasser, CEO

The climate debate is making waves in Switzerland and the financial centre. The latest figures from Swiss Sustainable Finance are a positive sign: sustainable investments increased by 83% to over 700 billion Swiss francs in 2018. That is a new record for sustainably managed assets in Switzerland. This growth demonstrates that social and environmental aspects play a central role for investors today. Sustainable investing is one of our strategic priorities and an opportunity for the financial centre: Switzerland can build on its unique global expertise and many years of experience in this area.

Another piece of good news is that the Swiss banks are solid and competitive. They are, however, operating in a challenging environment that requires our full attention. The article about the plans of the Organisation for Economic Co-operation and Development (OECD) for a digital tax explores the pressure that Switzerland, as the domicile of companies that operate internationally, faces. Although this tax is called a digital tax, it will affect all companies. According to the plans, the profits generated by all companies are also to be taxed where customers are located. As revealed in the interview with expert Raoul Stocker, this undertaking will be discussed intensively here in Switzerland in the coming months. For the banks, the question of market access is crucial: taxes should only be paid abroad by those who are allowed to do business there.

Depositor protection is a central concern of the Bankers Association and its members. The Federal Council is now envisaging a partial revision thereof, which the Bankers Association supports. In their article, Markus Staub and Remo Kübler explain what concrete effects the partial revision will have.

With the SwissBanking Politforum, the Swiss Bankers Association has launched an industry-wide platform in Bern for exchanges and networking with representatives from the political sphere and the banks. It was aimed at the many bank employees who are politically active. The event with Federal Councillor Ueli Maurer and host, SBA Chairman Herbert J. Scheidt, was a complete success. Excellent panellists representing the authorities, the financial sector and politics discussed which policies the financial centre will require in the future.

I wish you an enjoyable read!

Jörg Gasser