UBS and Credit Suisse are appointing a new chief Brussels representative, finews.com has learned. The diplomat faces stiff headwinds from Britain’s planned exit from the European Union.
Switzerland’s largest banks are appointing Matthias Heer as their new top diplomat in Brussels from March, two sources familiar with the matter told finews.com. He replaces Judith Hardt, who suddenly departed as head of the Swiss Finance Council, or SFC, in May, as finews.com reported.
The lobby’s appointment is significant because it underscores how UBS and Credit Suisse, which both maintain considerable London and European presences, plan to forge their own political path.
The European Union was has been prickly towards third countries like Switzerland and the U.S. for years, but the planned departure of Britain next year has stiffened the bloc’s stance even further. UBS and Credit Suisse set up the SFC five years ago to defend their European interests.
Brussels Experience
The Swiss-born Heer, who is currently head of regulatory affairs at SIX Group, represents a safe pair of hands with extensive diplomatic experience in Bern and Brussels. SIX, the Swiss stock exchange operator, is at the center of a dispute between the EU and Switzerland over so-called equivalency, which translates to access to the European market.
The EU has tied equivalency for Switzerland’s stock exchange to a wider raft of financial agreements which are some ways off – and raised the threat of the Swiss trading venue being shut out of the bloc by year-end. Switzerland’s government meets this Friday to discuss a stop-gap measure for Switzerland’s exchange, Europe’s fourth-largest marketplace.
Heer previously worked for the Swiss mission to Brussels, a 26-strong team of Switzerland’s foreign affairs department devoted to EU relations. The Swiss economist also spent three years at Switzerland’s financial diplomacy arm and two years as a supervisor at Swiss banking and insurance watchdog Finma.
Major Staff Upheaval
His private sector experience is limited to 18 months rolling out post-crisis regulatory safeguards at reinsurer Partner Re. Heer takes over the SFC lobby amid a period of major staff upheaval: UBS lobbyist Thomas Pohl and Credit Suisse banker Lucia Waldner took over the SFC following Hardt’s unexpected exit.
Waldner left Credit Suisse and the SFC soon after, according to three sources familiar with the situation. Since then, the two banks have intensified efforts in Brussels for favorable terms for Switzerland, not a member of the EU nor the pan-European market, the European Economic Area.
