Companies that manufacture in Switzerland while generating revenues in euros or U.S. dollars are feeling the direct impact of exchange-rate fluctuations. At the same time, demand in several key export markets has weakened.

«For many companies, uncertainty has shifted from being the exception to becoming the new normal,» Andy Kollegger, Head Institutional and Multinational Banking at UBS, told finews.

«Clients increasingly view us as both a strategic sparring partner and a solutions provider.»

Client Conversations Are Becoming Broader and More Strategic

The evolving business landscape is also changing the relationship between Swiss companies and the country’s largest bank.

«Clients increasingly view us as both a strategic sparring partner and a solutions provider,» Kollegger said. «The number of touchpoints with our corporate clients has increased further, and our discussions have become broader and much more in-depth.»

The dialogue now extends well beyond individual banking products. Instead, the focus is on developing strategic solutions tailored to each client’s evolving challenges.

This is particularly evident in corporate financing.

«One or two years ago, financing discussions often centered on whether a company should raise a bank loan or access the capital markets,» said Jens Haas, Head Investment Bank Switzerland at UBS.

Today, those conversations have become significantly more comprehensive.

«We are increasingly discussing balance sheet strategy,» Haas said. The focus is on how companies can best position themselves financially for what is likely to remain an uncertain environment.

Swiss Companies Continue to Demonstrate Resilience

Despite the challenges, Haas remains optimistic about Switzerland’s economic outlook.

He noted that Switzerland’s export-driven economy has repeatedly demonstrated its ability to adapt to changing market conditions and emerge stronger from periods of disruption.

At the same time, Swiss companies remain highly exposed to international developments.

«For Swiss companies, what happens in the United States, Germany and other key export markets is highly relevant,» Haas said.

«We have ambitious growth targets and intend to grow our lending business.»

That applies not only to multinational corporations but also to internationally active small and medium-sized enterprises.

UBS Targets Growth in Corporate Lending

Against this backdrop, UBS intends to expand its Swiss corporate banking franchise.

«We have ambitious growth targets and intend to grow our lending business,» Kollegger said.

The bank also sees additional opportunities in export finance, where it increasingly acts as an arranger.

According to Haas, UBS’s competitive advantage lies in delivering integrated, strategic and client-focused advice across its broad range of capabilities.

AI and Digital Assets Move Into Boardroom Discussions

Artificial intelligence is becoming an increasingly frequent topic in client conversations.

As part of its annual client reviews, UBS is assessing how companies are deploying AI and how their capabilities compare with those of their peers.

«Clients are particularly interested in benchmarking themselves against competitors,» Kollegger said.

The same applies to digital assets.

Tokenized deposits and digital payment solutions could enable companies to move liquidity more efficiently across jurisdictions, improving treasury management and operational efficiency.

UBS is therefore participating in a number of pilot projects and industry initiatives. At the same time, the bank has no ambition to lead every technological experiment.

«Once we see a clear pattern with tangible client benefits emerging, we want to be ready,» Kollegger said.

Competitors Are Measuring Themselves Against UBS

Following the disappearance of the long-standing UBS–Credit Suisse rivalry, the competitive landscape has changed fundamentally.

«Competition is alive and well, and we welcome it.»

While no single institution now competes with UBS across its entire product offering, competition remains intense in individual business lines, including mergers and acquisitions, capital markets and trading.

«Competition is alive and well, and we welcome it,» Haas said. «It benefits clients and keeps every market participant on its toes.»

International banks continue to expand selected businesses in Switzerland, while cantonal banks are moving more aggressively into institutional banking and new client segments.

As Switzerland’s most broadly diversified universal bank, UBS occupies a unique position.

«As Switzerland’s leading bank, we are now the ones being chased,» Kollegger said.

Other institutions inevitably benchmark themselves against UBS, he added.

The bank does not take that position for granted.

«A healthy degree of ambition is essential,» Kollegger said. «Everything we do at UBS is closely watched.»

Volatility Is Here to Stay

Neither executive expects market conditions to stabilize anytime soon.

«The world will remain multipolar,» Haas said, adding that this reality is unlikely to change in the foreseeable future.

As a result, many companies are focusing on factors they can control, including nearshoring, supply-chain diversification and strengthening their presence in key end markets.

UBS views its global footprint as a significant competitive advantage, enabling the bank to support Swiss corporate clients locally across Asia, the United States and Europe.

Kollegger does not expect today’s challenges to disappear anytime soon.

«Over the next two to four years, volatility is likely to remain elevated,» he said. «The greater risk would be assuming calmer times are just around the corner—only to be caught off guard by the next crisis.»