Solid and secretive: How the European banking elite maintains its own center of power far away from the public: the Institut International d’Etudes Bancaires (IIEB)
At the end of October last year, more than 40 of Europe’s most influential bankers met in the magnificent Dolder Grand Hotel with an unobstructed view of Zurich to discuss the state of their profession for three days. It was a rare opportunity to question Swiss Finance Minister Karin Keller-Sutter and central bank Governor Thomas Jordan – just over six months after they played a key role in rival UBS’ rescue of Credit Suisse.
The talks, which were not publicly announced, were arranged by a very influential organization whose existence is little known outside of its exclusive membership. The Institut International d’Etudes Bancaires (IIEB) is the most exclusive and secret club in Europe, where bank executives network with guests ranging from presidents to prime ministers to royals and central bankers.
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“It’s not like Davos, where everyone can buy entry,” a long-time member told the Financial Times. “It really is an exclusive circle.” The IIEB was founded to intensify relationships between banks at a time of geopolitical tensions and challenges to financial stability in Europe. But his mysterious and debauched meetings no longer seem compatible with the expectations of modern transparency rules.
Source: Stern
