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Regional banks are emerging as the big winners in the battle for private banking clients in central and eastern Europe. While Swiss banks continue to be the first choice of Russia’s ultra-wealthy, in the rest of the region it is lenders with a strong local presence – led by UniCredit, Raiffeisen and Erste – that increasingly dominate the market. Bankers say this is mainly due to the squeeze on margins caused by historically low interest rates across central and southeastern Europe in particular that has made it uneconomical for less committed players to cover the region.
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