Credit Suisse and UBS, Switzerland’s two largest banks and rivals in wealth management, have joined forces to create an organisation that engages with policymakers around the world.

Credit Suisse and UBS, Switzerland’s two largest banks and rivals in wealth management, have joined forces to create an organisation that engages with policymakers around the world, highlighting how such banks are continuing to wrestle with global tax and regulatory threats.

The body is called the Swiss Finance Council, an organisation designed to “engage in dialogue around policy developments in finance” in Europe and the wider world, the banks said in a statement today.

Swiss banks have contended with a range of pressures in recent years; among recent developments is the proposed requirement, under revised rules known as MiFID II, that Swiss banks doing business in the EU must set up onshore branch offices in the trading bloc, an issue that has worried organisations such as the Swiss Bankers Association due to the cost impact on smaller Swiss institutions.

The fact that two of the world’s biggest wealth managers and banks – and traditional rivals – have decided to put their weight behind such an organisation highlights how policy issues have loomed large over their affairs in recent years.  

The Swiss Finance Council, according to today’s statement, will represent the interests of internationally active Swiss financial institutions and provide a platform to share experience, expertise and knowledge through a permanent representative office in Brussels, supporting the work of the Swiss Bankers Association in European Union-related matters, the banks said.

The Swiss Finance Council is led by a board, which is comprised of its chairman, Alexis Lautenberg, and the chairmen of the two founding member firms, Urs Rohner (Credit Suisse) and Axel Weber (UBS).

“Internationally active Swiss financial institutions want to become more actively engaged in European policy matters and this initiative provides the opportunity for them to do so,” Lautenberg said.

“The timing of the launch is focused on current developments in Brussels and the desire of the members of the Swiss Finance Council to participate actively in EU-level discussions around the priorities for the upcoming legislative period 2014-2019,” he said. “By establishing a representative office now, a solid network can be developed so that we are ready to engage in discussions around key policy issues in light of the changes in the EU institutions following next year’s European parliamentary elections,” he said.

The statement said the SFC will contact stakeholders in the European financial policy debate and establish working relations with them. It will assess the current policy-making framework and develop joint positions on key dossiers on behalf of its members.

The council will develop policy positions on issues relevant to banking such as MiFID II, Banking Union and the Banking Recovery and Resolution Directive.