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The Geneva financial centerThe Geneva financial center
Mr Ivan PICTETMr Ivan PICTETChairman, Geneva Financial CenterChairman, Geneva Financial CenterSenior Partner, Pictet & CieSenior Partner, Pictet & Cie
Geneva, September 29, 2008Geneva, September 29, 2008Regional Cooperation ForumRegional Cooperation Forum
www.geneva-finance.ch 2
The Geneva financial center
Number of firms Number of jobs
Banks 142 19’341
Independent asset managers 637 1’726
Financial intermediaries 2’600 4’595
Insurance companies 660 3’048
Fiduciaries 1’096 3’332
Lawyers, notaries 356 2’668
Total 5’491 34’710
Source: Geneva’s Répertoire des Entreprises - September 2006 / GFCResearch and infography: Geneva Financial Center – September 2008
www.geneva-finance.ch 3
Classification of banks in Geneva
Number of
banks
Swiss headquarters
in Geneva
Employees
Cantonal bank 1 1 765
Big banks 2 0 3’505
Raiffeisen banks 6 0 117
Commercial banks 4 1 113
Commercial and investment banks 21 13 2’844
Foreign-controlled banks 65 40 7’913
Branches of foreign banks 11 7 635
Private bankers 10 6 3’378
Representations of foreign banks 21 0 55
Swiss National Bank 1 0 16
142 68 19’341
Source: SNB / DSE / SFBC / GFCResearch and infography: Geneva Financial Center – September 2008
www.geneva-finance.ch 4
Top 10 Financial Centres
1. London
2. New York
3. Singapore
4. Hong Kong
5. Zurich
6. Geneva
7. Tokyo
8. Chicago
9. Frankfurt
10. Sydney
Source: The Global Financial Centres Index 4, City of London – Sep 2008 Research and infography: Geneva Financial Center – Sep 2008
www.geneva-finance.ch 5
Geneva : first in class
10 % of the global transnational private savings
No 1 for in Commodity trade finance
www.geneva-finance.ch 6
Geneva : world leader in commodities trading and finance
500 trading companies (Litasco-Lukoil, Solvalub, Centramed): CHF 500 bn turnover
Banks with exclusive experience : over CHF 1’000 bn of transactions financed
2/3 of the oil in the free market
75 % of Russian oil exports
22 % of shipping movements in commodities
All commodities covered (oil products, grains, sugar, coffee, metals and non-ferrous)
75 % of the rice in the free market
6’000 jobs
Top quality-control companies, law firms, fiduciaries
Long tradition of quality and competences
Business-friendly legislative and fiscal environment
Sources: Why Geneva, Geneva Economic Development Office - Credit Suisse - GFCTrading & Shipping in Geneva – 2007 Survey, GTSAResearch and infography: Geneva Financial Center – September 2008
www.geneva-finance.ch 7
Swiss financial center – Key figures
200’000 jobs in finance (110’000 in banks)
5 % of the country workforce (3 % for banks)
14 % of Swiss GDP (9 % for the banking sector)
CHF 15 bn of contribution to public finances
Sources: Compendium Edition 2006, The Swiss Banking Sector, SBA Switzerland and its Financial Center, SBA – February 2006
www.geneva-finance.ch 8
Channel islands (2)
14.4%
Hong Kong4.0%
Singapore4.8% Others (1)
5.8%
Switzerland27.1%
Carribean12.9%
New York & Miami7.9%
Luxembourg13.4%
London9.7%
Largest financial centers for transnational private savings - US$ 6’720 billion (figures 2006)
(1) : Incl. Liechtenstein, Andorra, Monaco, Dubai/Bahrain and Taiwan(2) : Incl. Isle of Man and Dublin
Source: Boston Consulting Group 2007 - Global Market Sizing DatabaseInfography: Geneva Financial Center – March 2008
www.geneva-finance.ch 9
Breakdown of clients’ assets managed by banks in Switzerland (figures June 2008)
Swiss private customers
10.9%Swiss commercial
customers4.9%
Swiss Public sector0.8%
Swiss institutionals investors
25.1%
Foreign private customers
19.0%
Foreign commercial customers
3.7%
Foreign institutionals investors
35.7%
Source: Monthly Statistical Bulletin, Swiss National Bank – August 2008Infography: Geneva Financial Center – Septembre 2008
Total: CHF 4’716 billions
www.geneva-finance.ch 10
The competitive advantages of the Geneva and Swiss banking sector
Political and macroeconomic stability
Globally integrated and open financial sector
High standard of government supervision and regulation
Excellent reputation of the Swiss financial centre
Strong protection of the customer privacy
Highly educated, multilingual and multicultural workforce
Determined focus on on-the-job training of the personnel (numerous universities and courses on finance)
www.geneva-finance.ch 11
Geneva : attractive for expatriates
a successful international city (over 180 nationalities present)
tradition of respect for privacy
religious and ethnic tolerance
diversified and attractive schooling options
diversified cultural and social life
low crime rate against persons
superb medical and hospital infrastructures
airport close to city-center (dense European network)
population open to new trends
numerous city parks and a relaxing countryside
charm of the Old Town, the lake area, and the nearby mountains
www.geneva-finance.ch 12
The Geneva financial center is a strong and integral part of the Swiss financial scene.
It has built its unique experience over centuries,
constantly adapting to the ever-changing needs of a worldwide clientele.