EFG International CEO Giorgio Pradelli said in an interview that if Switzerland imposes excessive regulations on domestic banks, it could damage its status as a global financial center. Pradelli will take over as president of the Swiss Bankers Association next month. Pradelli said that other financial centers are simplifying their own regulatory frameworks. He said that as geopolitical tension intensifies, customers are unlikely to “put all their eggs in one basket”, that is, they will not concentrate their assets in a single financial center.

EFG International CEO Giorgio Pradelli said in an interview that if Switzerland imposes excessive regulations on domestic banks, it could damage its status as a global financial center. Pradelli will take over as president of the Swiss Bankers Association next month. Pradelli said that other financial centers are simplifying their own regulatory frameworks. He said that as geopolitical tension intensifies, customers are unlikely to “put all their eggs in one basket”, that is, they will not concentrate their assets in a single financial center.