ON THE SPOT
Swiss Banque Syz plays safe haven for risk-averse creators of wealth
Business Day asks CEO Eric Syz whether we really need another bank in SA?
Offshore havens for worried money are doing a brisk trade these days. But the departure of many global players from SA since the banking rush of the early 2000s is what Swiss outfit Banque Syz, led by outspoken founder and CEO Eric Syz, is looking to capitalise on. Business Day asked him whether we really need another bank in SA? We’ve acclimatised to emerging markets — Africa and South America — and we believe there’s a tremendous amount of opportunity where people can create a lot of wealth. When you create wealth, at some stage you have to start thinking: how can I shield that from local risks? So there is a need for these people to have, somewhere in a safe haven, access to their money, And money that has been declared: since I started the bank we have never sold bank secrecy as an asset. So you could say that political risk plays in your favour? Yes, to some extent, but the political risk is also the opportunity. I’m not here to say political risk is good or bad — it’s just a f...
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