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Pictet Takes Over As Cheerleader For Geneva Financial Services

by Carla Johnson, Investors Offshore.com

10 December 2001


It was announced last week that Ivan Pictet, partner in Geneva's largest private bank, Pictet & Cie, is to take over the position as head of the Geneva Financial Centre Foundation, established in 1991 to promote the city as Switzerland's leading financial services centre.

The Foundation was established amid fears that Geneva, the birthplace of the country's now legendary private banking industry, was losing out to Zurich where the two biggest Swiss banks, Credit Suisse and UBS are based. According to sources, it appears to have had some effect in turning the tide, as even now banks based there expand at a pace mostly unheard of in these uncertain economic times, and international banks continue to choose the city as the base for their offshore operations.

According to the Geneva Financial Centre Foundation, when he assumes the mantle (currently being worn by Jaques Rossier, a partner in Darier Hentsch) in March, Mr Pictet will concentrate his attentions on lobbying the government for a reduction in the city's high tax burden, and for improvements in the communications infrastructure.


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