Thursday 7 July 2016 4:18 pm

Switzerland's banks looking to build ties with Britain ahead of EU negotiations

Switzerland's banking sector hopes to build a coalition with other international financial centres, including Britain, in order to help with negotiations around access to European Union markets.

Banks based in Britain have been able to sell financial services freely across the EU under the bloc's "passporting" system, but this access could be lost after the vote to leave the EU.

The Swiss Bankers Association (SBA) is now hoping it can work with Britain, Hong Kong and Singapore to form a so-called F4 alliance that would seek a deal with Brussels on financial services.

Read more: What you need to know about passporting

A spokesperson for the Swiss Bankers Association (SBA) said the group was "suggesting an alliance to other financial centres to better coordinate worldwide in areas such as regulation and market access".

Switzerland is not a member of the EU but is signed up to a number of deals that give it access to parts of the Single Market – however, this does not include financial services.

The spokesperson also said the SBA is in regular contact with London, Hong Kong and Singapore.

One of the group's primary aims would be to establish international standards on matters such as tax evasion while maintaining a competitive economic environment.