In a speech delivered on Monday, Pierre Mirabaud, senior partner with Mirabaud & Cie, announced that he will not be proposing any dramatic changes to the Swiss banking industry in his new capacity as SBA chief, explaining that the success of the finance centre has been built on continuity and stability.

However, the incoming SBA chief did reveal that he will continue the Association's aggressive defence of the Swiss banking secrecy system.

'You will not be surprised to hear that as a private banker I attach great importance to the protection of privacy, including in particular bank client confidentiality,' he announced, adding that: 'Under my chairmanship the Swiss Bankers Association will continue to counter any domestic and foreign pressure on bank client confidentiality. We will also continue to constructively support our authorities in their efforts to protect privacy.'

He also praised the banking sector for its part in improving Switzerland's reputation as an international finance centre, observing that:

'Anyone today calling Switzerland a shady banking centre is either out-of-touch, being malicious, promoting their own agenda or working in Hollywood.'