“Das Übernahmekarussell dreht sich (The Takeover Carrousel is Spinning)”
In an article in the April 29, 2009 issue of Handelszeitung that details the trend of middle-sized banks taking over private banks, Booz & Company Partner Carlos Ammann (Europe) said that takeover candidates are predominantly Swiss affiliates of foreign banks that have received government subsidies, which creates a dilemma for some banks. “Foreign customers that bring their money to Switzerland don’t want to be clients of a bank that is dependent from the state,” Ammann said. Moreover, he added, “some of these banks are facing difficulties and are in the process of checking their business portfolio.”