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Foreigners deposit less money in Swiss banks

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17:16 CEST+02:00

Deposits in Swiss banks by foreign private clients have dropped by 73 billion francs ($92.5) over the course of the last year, according to recent statistics from the Swiss National Bank (SNB).

By the middle of 2011, total assets under management in Swiss banks totalled around 4,253 billion francs. That is 19 billion, or 0.4 percent, less than mid-2010, according to 20 Minuten newspaper.

The fall-off in deposits by international private banking customers accounted for much of the deficit, dropping by 73 billion, or 3.1 percent, to 2,254 billion francs.

An explanation for the dip can likely be found in the relaxation of banking secrecy, as well as Switzerland’s moves to distance itself from money laundering and untaxed funds, 20 Minuten reports.

The total volume of international private client deposits are at their lowest level since 2000 and have dropped significantly since the end of the last bull market in 2007.

In the past year, the volume of international private client deposits decreased from 54.5 to 53 percent. By comparison, in the record year of 2007, international private client deposits made up 58.7 percent of total assets under management.

As a whole, deposits from international private clients in Swiss banks have almost halved since 2007, from 1,042 billion to 577 billion francs. For Swiss private clients, the decrease was much less, dropping barely a fifth from 578 billion to 469 billion francs.

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