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Bank Industry Risk Analysis: Swiss Confederation Aug 05
Standard & Poors, Aug 2005
Abstract
The competitiveness and earnings strength of the Swiss financial sector has been severely tested recently. In addition to sluggish market conditions, heightened pressure to soften some of the operating advantages enjoyed by the sector looked likely to spell disaster for the Swiss banks generally, and for the private banking industry in particular. Such prophecies of doom proved to be unfounded, however. After a lengthy negotiation period, Switzerland reached an agreement with the EU on the recently implemented EU savings tax directive, which contributed to preserve Swiss banking secrecy. In the meantime, the moderate recovery of global financial markets has contributed to recovery in the Swiss financial sector's profitability. Despite a continued squeeze on interest margins, and slow transaction-driven revenues, the...
Companies mentioned in this report are: Banca del Gottardo,Credit Suisse AG,Credit Suisse Group AG,Zuercher Kantonalbank,UBS AG,Aargauische Kantonalbank,Banque Cantonale Vaudoise,HSBC Private Banking Holdings (Suisse) S.A.,Schwyzer Kantonalbank,Migros Bank,Basler Kantonalbank,Basellandschaftliche Kantonalbank,Graubuendner Kantonalbank,Luzerner Kantonalbank,Banque Cantonale de Geneve
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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