“Hong Kong, Singapore and the US are aggressively competing, and making great progress, for the offshore wealth management crown that Switzerland holds today,” he said during a speech at Lucerne university on Tuesday evening.
“We cannot be complacent and pretend that having just local banks compete fiercely domestically will be sufficient.”
https://www.ft.com/content/164eb6dd-f9ed-45a3-9830-117a3da51499