Switzerland joins Asian Infrastructure Investment Bank (AIIB)

[rmstock]

A worker decorates a lectern for a signing ceremony of articles of agreement of the Asian Infrastructure Investment Bank (AIIB),
at the Great Hall of the People in Beijing, June 29, 2015. [Photo/Agencies]
Switzerland officially joins 'alternative World Bank'
Politics Business
Apr 25, 2016 - 15:32
http://www.swissinfo.ch/eng/business/aiib-membership_switzerland-officially-joins--alternative-world-bank-/42111898

  "Switzerland has become the 37th founding member of the newly created
   Asian Infrastructure Investment Bank (AIIB). The Chinese-led body will
   bankroll transport links and other large scale projects in the region.
   
   Switzerland has pledged to underwrite $706.4 million ($691 million) of
   the bank's capital, which aims to reach $100 billion once all
   contributions are in. China got the ball rolling with $50 billion in
   starting capital.
   
   
   Chinese President Xi Jinping speaks during the AIIB's opening ceremony in January.
   (Keystone)
   
   Having completed all the paperwork, Switzerland will now release the
   first of five instalments, this one worth $28.26 million. In addition,
   Switzerland has proposed cabinet ministers Johann Schneider-Ammann and
   Didier Burkhalter as the country's AIIB Governor and Acting-Governor
   respectively.
   
   Switzerland will vote in a bloc alongside Denmark, Iceland, Norway,
   Poland, Sweden and Britain. The vote is currently represented by
   Britain on the Board of Directors, but Switzerland hinted it would seek
   to nominate a replacement later this year, "which would see it well
   placed to influence the ongoing institution building process."
   
   There are an estimated $2 trillion of unmet infrastructure needs in
   Asia. The AIIB has been dubbed a rival to the World Bank and the
   International Monetary Fund (IMF), which are dominated by the United
   States.
   
   The creation of the AIIB has met with some criticism in the US for
   allowing China to gain a more dominant hand in the region. China had
   long complained at limits on its voting rights at the World Bank and
   IMF.
   
   But Switzerland welcomed the move, saying in March of last year that it
   wanted to be "well positioned in the new institution from the outset."
   Switzerland also sees membership of the AIIB as a means of cementing
   its political and business interests in the region.
   
   swissinfo.ch"





State Secretariat for Economic Affairs SECO
Switzerland completes membership of Asian Infrastructure Investment Bank
https://www.seco.admin.ch/seco/en/home/seco/nsb-news.msg-id-61495.html

  "Bern, 25.04.2016 - Switzerland today deposited its ratification
   document to the Asian Infrastructure Investment Bank (AIIB) thereby
   completing the membership process. As no referendum was sought, and the
   deadline for doing so expired on 11 April, Switzerland will be able to
   participate as a full member on the Board of Governors and have access
   to the bank's Board of Directors. Thanks to its swift completion of the
   ratification process, it will be able to participate in the institution
   building process.
   
   Switzerland is the 37th country to have completed its membership of the
   bank. Other countries to have done so include the bank's three largest
   shareholders, China, India and Russia, as well as non-regional
   countries including Germany, Denmark, Finland, Iceland, Israel,
   Luxembourg, Malta, the Netherlands, Norway, Austria and the UK.
   Switzerland's stake in the bank's capital amounts to USD 706.4 million,
   of which USD 141.3 million has yet to be paid. Its voting power is 0.87
   per cent. With the submission of the ratification document Switzerland
   also paid the first of five instalments on the payable capital
   (amounting to USD 28.26 million).
   
   The Federal Council has nominated federal councillors Johann N.
   Schneider Ammann and Didier Burkhalter to act as governor and alternate
   governor of the bank. Switzerland along with Denmark, Iceland, Norway,
   Poland, Sweden and the UK form a Constituency on the Board of
   Directors. The Constituency is currently represented on the Board by a
   British director. In the middle of the year Switzerland will be able to
   nominate an alternate director, which would see it well placed to
   influence the ongoing institution building process.
   
   The AIIB was formally constituted at an inaugural ceremony held Beijing
   on 16 and 17 January. The most important founding documents have been
   adopted, key management positions filled and the bank has commenced
   operations. The aim of the AIIB is to promote sustainable, stable
   growth and improve lives across Asia. This should be achieved by
   financing infrastructure projects of key importance to the region's
   development. The AIIB is likely to become an important new player in
   financing development in Asia. Membership of the bank strengthens
   Switzerland's involvement and presence in Asia and also helps to open
   up new business prospects.
   
  Address for enquiries
   
   Fabian Maienfisch, SECO Communications,
   Tel. 058 462 40 20
   
   FDFA Information Service, Tel. 058 462 31 53
   
   Publisher
   
   Federal Department of Economic Affairs, Education and Research
   http://www.wbf.admin.ch
   
   Federal Department of Foreign Affairs
   http://www.eda.admin.ch/eda/en/home/recent/media.html  "

[MikeWB]

First the UK and now the Swiss... West is cracking.

[yankeedoodle]

What's Switzerland to do?  For many years now, the US/EU have been beating-up on the Swiss about hiding tax money, and the Swiss have surrendered somewhat, so they have to look to different markets.

Of course, the US was beating-up on the Swiss because the US wanted to replace them as the number one tax haven. 

US becoming world's biggest tax haven
https://www.rt.com/business/330424-us-world-tax-haven/

[MikeWB]

Good point.

I also expect the French to seek a retribution for this: https://www.rt.com/business/167760-bnp-paribas-fine-sanctions/