There is a long buyers' list and a short sellers' list.
The reality of it is that private banks are not behaving from an economically rational point of view. From a shareholders point of view, there should have been an enormous amount of mergers.
Eventually they will capitulate. But why not take the proactive step of consolidating.
We will have a few deals and some might be notable. But in general ... I think it will be very slow coming, in the next couple of years.
The year 2005 was one of record profits. So to talk of merger pressure, you can only do so you when talking about the long-term strategy. Not if you talk about it on a short-term basis.
The first thing is, do the people want the change or not? And if they have in their hearts the lifestyle ... nothing will really make them change so long as they are able to survive.
With this deal, Julius Baer has defended itself from being taken over. It shows the desire of Julius Baer to remain independent.
