But according to Mr. Perez-Parada, recent client behavior during adverse market conditions shows a definite attitude change. He cited as a litmus test the Asian crisis. In the past, he noted, after the coup in Russia or when there was a rift over Economic and Monetary Union, clients dashed out of equities. It is a buying opportunity. When you deal with private banking clients, perception is very important.
Private clients have to understand the rationale.
Why we are invested in certain sectors. For instance, we are very positive about the banking sector in Europe and the European mobile phone business. There is recognition there. Mr. Bischofsberger asserted. When the client comes to the bank, we make a proposal for a tailor-made wealth creation program.