In interview published in bloomberg.com Banque Cantonale de Geneve's chief says that amidst the loss they took on Bernie Madoff and abandonment of secrecy laws in N.America they find one regional-sector growing, Asia and the Middle East. He further comments “An entrepreneur living in India with Harvard degree" is an ideal candidate for his bank’s prospective growth. This clearly implies that there is huge money flowing in and out of India and will possibly rise in future. This may be very good news not only to Swiss banks but overall also to the regions where it’s targeting because it clearly implies the growth and development is actually happening in the region.
However if you look at it socially to me it is very controversial approach and might lead to disaster for the bank customers because if sooner or later under more international pressure (IMF, World Bank, UN) if they give up their current " secrecy " laws and expose ...poor people living in the subcontinent to the stashed cash of the rich, they would invite huge backlash from a common man.
However, if you look at it positively you'll be forced to conclude that Indians/Middle east have lot of money these days to be put in world market, economic stimulus per se. Cash flow, credit flow is the reason the whole cycle of global economy is stuck,.. what’s wrong if the "Mumbai Money" or " Middle East money" or "Asian money " fuels its growth, since existence of big institutions have ceased to exists in one country the globe should unite to solve this crisis.
Not only Swiss banks should target "India, Asia, Middleast" entrepreneur clientele they should also foment growth in these same markets by encouraging Venture capitalism and other forms of Angel investing and bring back the clean money back to the economy... this cycle of investment, sounds to me like a wonderful plan for growth if only Swiss bank read my blog
As I write this first Swiss Bank casualty is reported by bloomberg
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