Switzerland: economy struggles to regain vitality

Article Abstract:

Swiss banks have increased provision for doubtful loans and this reflects problems in the Swiss economy as a whole. Switzerland underwent a recession which reached a low point in 1993, and recovery has been sluggish since then. The high value of the Swiss franc has inhibited economic growth. The central bank's tight money policies have also contributed to low growth in 1995 due to fears that wage rises could boost inflation after tax changes. Rates have dropped in 1996, but the impact of tight money in 1995 has persisted into 1996.

Gross Domestic Product, Monetary policy, Franc (Switzerland)

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Co-operation deals shake up market

Article Abstract:

The Swiss insurance industry has seen a number of co-operation agreements such as a pact between Zurich Insurance and Swiss Bank Corp. Winterthur and Credit Suisse have set up a JV called Winterthur Columna. The companies deny that they plan to merge. Meanwhile, Swiss Re has decided to focus on core activities and the benefits of this move have been noted by other insurers. The insurance industry faces increased competition in the domestic market which has led it to look abroad.

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French insurance merger: Gallic giants do a deal

Article Abstract:

AXA is merging with Union des Assurances de Paris (UAP) and the merger will create a group with revenues amounting to 313 billion French francs in 1995. AXA may merge Sun Life and Provincial with Equity and Law, as part of the wider merger. AXA's culture is more profit-oriented and the company's chairman, Claude Bebear, has to transfer this culture to UAP. UAP will benefir from protection for its domestic market and better access to markets abroad.

Mergers, acquisitions and divestments, AXA Group, Union des Assurances de Paris

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