Swiss banking giant UBS is reportedly planning to boost its client assets in the UK this year to counter withdrawals at home.
UBS forecasts an increase in assets of £4 billion (US$6.6 billion) this year, including net new money inflows, Jamie Broderick, head of UBS’s UK private bank, said in a telephone interview to Bloomberg.
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The Swiss bank increased assets at its British unit by 15% to £31 billion pounds in the nine months through September, he revealed.
Recent global crackdown on tax evasion has forced the Swiss government to weaken laws protecting client secrecy that have helped transform the country into the world’s largest cross- border wealth-management center with about $2.2 trillion of assets.
With European clients pulling money from Zurich to Geneva, Swiss banks are looking to expand abroad, according to the publication.
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