Mark Branson, head of banking supervision at the Swiss Financial Market Supervisory Authority, expects consolidation among the country’s private banks, SonntagsBlick reported, citing an interview.

Switzerland will probably end up with fewer small banks as rules become stricter about accepting new funds and checking clients’ tax compliance, the newspaper cited Branson as saying.

To contact the reporter on this story: Elena Logutenkova in Zurich at elogutenkova@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net