Swiss see opening for finance sector in British exit from EU

GENEVA – Switzerland’s executive says Britain’s upcoming exit from the European Union could offer the Swiss financial sector a chance to build on its strengths in cross-border asset management.

In its first report on financial market policy since 2012, the Federal Council laid out ambitions to promote Swiss banks and insurers such as by working to reduce barriers in the finance technology industry and seeking bilateral deals with partner countries.

The report released Thursday said the impact of “Brexit” remains unclear, but noted “considerable legal uncertainty” for Swiss financial firms in Britain. It cited “urgency” that Britain clarifies its relationship with the EU.

It said Britain’s asset management and investment banking would likely remain strong, and “Switzerland can build on its strong position in the area of cross-border asset management,” without elaborating.