The Hindu Business Line : Indian banks invited to Switzerland

New Delhi, Feb 13 Swiss bankers’ association (SBA) wants Indian banks to locate and operate in Switzerland. The trade association also wants Swiss banks to be able to open branches and get licence here little bit more easily than it has been in the past.

Making a case for more transparency and predictability in the procedures for entry of Swiss banks into India, Mr Pierre G Mirabaud, Chairman of SBA, told Business Line in an interview here that the changing environment (away from public sector dominance) in India and the involvement of multiple agencies sometimes made it difficult for foreign players to get a licence and locate here.

“We need to know each other better and thereby enhance cooperation in banking sector. One of my goals for coming here is to invite Indian banks to open branches in Switzerland. You should know that out of 350 banks in Switzerland, 40 per cent are foreign banks and we don’t have any Indian bank”, Mr Mirabaud said.

“I would not say that the legislation is stringent for our entry here. I would say that it seems you are in a very changing environment and procedure is not always clear, not always transparent and not always predictable because there are many agencies involved. Sometimes it is little difficult for foreigners to understand how they communicate among themselves. We think it is somewhat questionable for one bank to wait for two years to get a licence”, he said

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