Incoming Swiss bank lobby chief warns against over-regulation, FT says

Business Recorder, citing an interview with the Financial Times, reported that Giorgio Pradelli has warned Switzerland could lose its standing as a worldwide finance hub if it imposes too much regulation on its banks. Pradelli, the chief executive of Zurich-based private bank EFG International, is set to become chair of the Swiss Bankers Association next month while keeping his CEO role.

Pradelli told the FT that Switzerland cannot assume it will stay prominent without sound policies, the regulatory framework included. The report came out on Sunday, and it ties the country's regulatory approach directly to its standing among the world's financial hubs.

A Swiss parliamentary committee is also due to vote in the coming days on proposed new banking rules for UBS, after an earlier panel did not reach a deal.