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Odier replaces Mirabaud at Swissbanking -official

Published 06/22/2009, 05:28 AM
Updated 06/22/2009, 05:32 AM
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* Patrick Odier to be new Swiss Bankers Association chairman

* Replaces Pierre Mirabaud in September

* Says financial privacy, ethics important for Swiss bankers

GENEVA, June 22 (Reuters) - Patrick Odier, senior partner at Geneva's oldest private bank, Lombard Odier Darier Hentsch & Cie, is replacing Pierre Mirabaud as chairman of the Swiss Bankers Association, the association said on Monday.

The move, first reported by Reuters on June 14, will take effect on Sept. 17, it said..

It had been unclear whether Mirabaud, senior partner at Mirabaud & Cie and chairman of the group since September 2003, would stay on for three or six months before handing over to Odier, a senior banking source said.

"The Board of Directors expressed its thanks to Pierre Mirabaud for his strong commitment and all his work on behalf of the Swiss financial centre during this challenging and difficult period," the association said in a statement after the meeting.

Mirabaud's outspoken manner and flamboyant style had alienated some in the 350-member group, particularly in dealing with the international row over Swiss banking secrecy and tax laws.

Like Mirabaud, Odier is a strong defendant of Swiss banking secrecy, but has couched the argument more in terms of the right to privacy than access to a more favourable tax regime.

He said that his main goal would be to improve Switzerland's reputation as a strong financial centre.

"To reach this goal every banker must adhere to the highest levels of ethical conduct," he said in the statement.

Odier said he would work hard to ensure Switzerland's fiscal and regulatory conditions remain competitive in international terms and he would cultivate positive and fruitful dialogue with both Swiss and foreign authorities and legislators.

"Protecting financial privacy in terms of data protection for all bank clients will remain an important responsibility for us as Swiss bankers in future," he said.

Switzerland has agreed to negotiate new double taxation agreements with other countries after abandoning its long-held position that it would not help foreign authorities investigate tax evasion in which their nationals hide assets in Swiss banks.

On Friday Switzerland announced it had reached agreement on a double taxation agreement with the United States.

Switzerland must sign a dozen such accords to avoid being put on a blacklist of tax havens making it liable to sanctions from other countries.

Reaching agreement with the United States was particularly important, as U.S. authorities have accused Switzerland's biggest bank UBS of helping rich clients hide money in secret Swiss accounts. (For the complete Swiss Bankers Association statement go to:http://www.swissbanking.org/en/home/medienmitteilungen-090622.htm) (Reporting by Jonathan Lynn; Editing by Rupert Winchester)

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