The case
The takeover of Ihag Privatbank client portfolio by Bank Vontobel marks a significant change in the Swiss private banking sector.
Source: Swiss Press
The commentary
The case of Ihag Privatbank shows the extent to which the sector has been changing. In addition to economic factors such as decreasing margins and higher operating costs, scandals (e.g. Benko) and the uncertain geopolitical situation could also play a role in the rise in mergers and acquisitions.
These developments are indicative of the Swiss banking sector facing a significant structural change in which the longer the more private banks may have to give up their independence.
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