Deloitte starts Private Banking Asset Disposal Programme

Deloitte, the leading accounting and consulting firm in Switzerland, has developed a new programme within Corporate Finance to support Swiss banks and wealth managers with current business challenges.

The current economic climate and the changes in the regulatory and compliance environment in Switzerland have an effect on the work of Swiss private banks and wealth managers. New tax agreements between Switzerland and other nations – such as the US with FATCA and several other EU countries – are likely to significantly reduce the asset base and make certain regions less profitable. The Corporate Finance Team of Deloitte in Switzerland believes that banks and wealth managers will have to review their geographical focus and adjust their service offerings towards their core client markets. Subsequently, the banks and wealth managers may wish to dispose some of their current client portfolios in certain non-core geographies.

Jean-François Lagassé, Head of Corporate Finance Advisory at Deloitte in Switzerland, explains: “The current economic situation and the changes in the regulatory and compliance environment have a major effect on private banks and wealth managers in Switzerland in the way they are serving clients from multiple jurisdictions.”

In response to this, Deloitte in Switzerland has developed a Private Banking Asset Disposal Programme, designed to support Swiss banks and wealth managers in the forthcoming sale of client portfolios.

About Deloitte in Switzerland

Deloitte is a leading accounting and consulting company in Switzerland and provides industry-specific services in the areas of audit, tax, consulting and corporate finance. With approximately 1,100 employees at six locations in Basel, Berne, Geneva, Lausanne, Lugano and Zurich (headquarters), Deloitte serves companies and institutions of all legal forms and sizes in all industry sectors. Deloitte AG is a subsidiary of Deloitte LLP, the UK member firm of Deloitte Touche Tohmatsu Limited (DTTL). DTTL member firms comprise of approximately 200,000 employees in more than 150 countries around the world.

Note to editors

In this press release references to Deloitte are references to Deloitte AG, a subsidiary of Deloitte LLP, which is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.com/ch/about for a detailed description of the legal structure of DTTL and its member firms. Deloitte LLP and its subsidiaries are leading business advisers, providing audit, tax, consulting and corporate finance services through more than 12,600 exceptional people across the UK and Switzerland. Known as an employer of choice for innovative human resources programmes, it is dedicated to helping its clients and people excel. Deloitte AG is recognised by the Federal Audit Oversight Authority and the Swiss Financial Market Supervisory Authority. The information contained in this press release is correct at the time of going to press.