International private clients’ deposits at
Swiss banks have dropped to their lowest level in two years.

According to the Swiss National Bank (SNB)
latest statistical data, international private clients’ deposits in
Swiss banks declined by 2.8% to CHF2,254bn ($2,856bn) in the first
six months of 2011, from CHF2,319bn in December 2010.

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Private client deposits are closing in on
August 2009 levels and have been in steady decline since their peak
in October 2007, despite a resurgence in the past 12 months.

International client assets also showed a 3.1%
year-on-year decline, from CHF2,327bn in June 2010.

 

SBA not concerned by drop

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A Swiss Bankers Association (SBA) spokesperson
told PBI that there are three possible reasons that may
have influenced this decline:

 

  • Strong Swiss currency. International private
    clients’ assets have lost value as many are held in Euro or US
    dollars and have been converted into Swiss francs by the SNB.
  • Current high volatility of the securities
    market    .
  • Clients’ risk avoidance. Clients may have
    withdrawn their security assets to invest in gold, which is not
    evaluated by SNB.

 

“The rise and decline [of private clients
assets], which has been seen is quite normal. We don’t see anything
spectacular or unusual,” the SBA spokesperson concluded.

 

Domestic client numbers also in
decline

The total amount of private client assets,
including both international and domestic accounts, in Swiss banks
stood at CHF4,253bn as at 30 June 2011 – a 1.4% decline.

This compared with CHF4,312bn in December 2010
and a 0.4% year-on-year decline from CHF4,272bn in June 2010.