Swiss Banks Look Beyond US For New Clients
Swiss Banks Look Beyond US For New Clients
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLL48507320090821
The uncertainty surrounding the settlement between the Swiss banking giant UBS and the US authorities has made the Swiss banking industry look beyond the US for new clients. While several Swiss banks have stopped entertaining new US clients besides asking the existing ones to exit, many others are focusing on Europe and emerging markets to expand their business. Swiss authorities have recently agreed to disclose the names and details of the bank accounts of 4,450 wealth American clients of UBS as part of a settlement of an investigation into UBS’ role in helping several US citizens in evading taxes. This many believe tarnishes the country’s image of having the best banking secrecy laws in the world. Consequently many Swiss banks have made it mandatory for their US clients to show that they are complying with the tax rules in their country.
Daniel Elliot