At their joint press conference, the Association of Swiss Private Banks (ASPB) and the Association of Swiss Asset and Wealth Management Banks (VAV) focused on two issues which will play a significant role in shaping their sector over the next few years. On the one hand, it was clearly demonstrated that Swiss private banking exhibits all of the characteristics of a classic export industry. It is thus reliant on being able to export its services without hurdles, in particular to EU countries. On the other hand, the scope of banking secrecy is now also an issue for Swiss clients. It is up to Switzerland’s citizens to decide on the country’s general approach in this regard when they vote on an upcoming popular initiative. Whether the initiative is passed or not, the private banks wish the tax system to remain coherent.