Better outlook for Swiss banks
AFP · 14 Jun 2011, 17:16
Published: 14 Jun 2011 17:16 GMT+02:00
"Profitability for the overall banking system has improved and is at a sustainable level," Moody's analyst Carola Schuler said.
Moody's said Switzerland was among the least affected countries in Europe by the global financial crisis and expected "continued solid economic growth" and low unemployment.
In addition, Moody's said that ongoing negotiations with key trading nations such as Germany and Britain to improve tax cooperation are positive for the banks as they "reduce some uncertainty over changes to banking secrecy rules."
Nevertheless, it cautioned that bank secrecy changes could weigh on Swiss private banks.