Swiss too join the pitch for opening of banking sector

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Mumbai, May 4: After the UK making a very vocal demand for opening up the Indian banking sector, another important banking nation, Switzerland also believes that the sector should be opened up. Just after the Swiss banking giant UBS AG, Swiss economic minister Federal Councillor Doris Leuthard called upon India to further open up its banking sector.

“In Europe, banking sector is open and it’s marked with quality and reliability. India needs to further open up the banking sector. I can understand every country including India has to apply its own criteria in this regard. However, I strongly feel that when market grows, there is a need for credible financial institutions and banks,” Leuthard said

The Swiss minister led the economic mission in Delhi, Bangalore, Mysore and Mumbai for improving framework conditions and access to the Indian market for Swiss firms along with promoting Switzerland as a location for business.

Leuthard met RBI deputy governor Usha Thorat. It was Leuthard’s first meeting with Thorat after UBS AG received license to open a retail branch in India. UBS AG has more than one trillion dollars as assets under management. Also as the sub prime crisis grips Europe, banking analysts feel that substantially emerging markets like India would definitely help UBS AG boost profits.