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In an article published today, titled "European Private Banks Still Face Uncertainty As Operating Conditions Evolve," Standard Poor's Ratings Services says it believes Europe's private banking industry will remain in transition for the next two years. "Profit margins among the region's private banks have weakened amid regulatory and other challenges over the past several years, and we believe this trend will continue," said Standard Poor's credit analyst Dirk Heise.
"However, we consider the banks able to cope with these conditions, as indicated by our ratings, which are firmly in the investment-grade category ('BBB+' or higher)." Nevertheless, we note that as governments step up their efforts to remove the veil of secrecy surrounding private banking,...
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