ZURICH, Switzerland - The combination of Swiss financial services giants Union Bank of Switzerland and Swiss Bank Corp. is likely to also be felt in the Swiss insurance market.
Both banks are involved in allfinanz ventures to distribute insurance products via their branch offices in Switzerland and Europe, and both also have insurance company executives on their boards of directors.
Although some analysts speculated that the banks may be involved in risk securitization projects, they were not aware of specific deals, and the banks declined to comment.
United Bank of Switzerland, as the new combined entity will be called, will be a leading force in private banking, institutional asset management and investment banking, with 1.32 trillion Swiss francs ($926.64 billion) of assets under management.
In a joint statement, the two banks said that globalization and deregulation of international financial markets had …
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