Bankers' report to address money-laundering issue

Georg Krayer, president of the Swiss Bankers Association Keystone

The Swiss banking sector will take its place centre stage in the coming week as the Swiss Bankers Association presents its annual report on Thursday.

This content was published on September 9, 2001 - 11:11

The association will not only address the sector's performance but also look at the effectiveness of measures to counteract money laundering.

Switzerland has been at the centre of a number of high profile money laundering cases in the past few years. However, new regulations have been set out by the association to improve tranparancy and the Swiss banking sector's image internationally.

Also in the week ahead, Schindler will keep the market waiting until Friday before it finally reveals a planned reorganisation for its escalator and elevator division.

The move was announced at the group's half-year results briefing in August as part of a plan to boost its operating profit margin to 10 per cent of sales.

The Ebikon-based company said the steps taken would increase efficiency in serving clients and combine finance and technology operations.

Unilabs to reveal figures

On the corporate front Unilabs is set to reveal its interim numbers on Tuesday.

The company said in August that contrary to market talk, ongoing business "already appeared particularly positive".

Traders had said that the clinical testing group might be poised to issue a profit warning but Unilabs denied the rumours in a brief statement.

Financial services group Baloise also reveals its half-time numbers on Thursday.

Speculation continues over whether or not the company, which is Switzerland's fourth largest insurance group, can remain independent.

Baloise's fragmented ownership structure has helped put it in the takeover spotlight and French insurer Axa, one of the last big insurance firms that has yet to enter the Swiss market, has been seen as a potential predator.

Baloise chief executive Rolf Schauble said in July that the company is not necessarily set on staying independent.

by Tom O'Brien

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