Do More With Reuters
Partner Services

Swiss banks drop US clients due to UBS case -media

Sat Jul 4, 2009 5:31pm IST
 
Email | Print | | Single Page
[-] Text [+]

* ZKB, Mirabaud dropping clients who pay US taxes, NZZ says

* HSBC asked clients to waive bank secrecy - TagesAnzeiger

* Offshore banking industry closely watching UBS case

ZURICH, July 4 (Reuters) - Swiss banks including ZKB and Mirabaud are pulling out of business with individuals who pay U.S. taxes, newspaper Neue Zuercher Zeitung (NZZ) reported on Saturday.

The banks are reacting to pressure from U.S. authorities, who are waging a legal battle with UBS (UBSN.VX: Quote, Profile, Research) to try to force it to give up the names of tens of thousands of Americans suspected of cheating the U.S. government by concealing accounts abroad, the newspaper said. [ID:nN25279780]

Without giving its sources, NZZ said ZKB wanted to stop doing business with all customers domiciled in the United States by the end of the year, most of whom would be Swiss who had emigrated. It affects less than 1 percent of privately held ZKB's assets under management, NZZ said.

The newspaper quoted Mirabaud executive committee member Yves Mirabaud as saying: "We are now getting rid of the few U.S. customers that we have." A second newspaper, TagesAnzeiger, reported HSBC (HSBA.L: Quote, Profile, Research) had written to clients and wealth managers in September 2008 to ask them to waive banking secrecy on their Swiss accounts in connection with 28 countries, including China, Poland and Turkey.

HSBC is Switzerland's third largest private bank with about 200 billion francs under management, TagesAnzeiger said.  Continued...

  Smoke and fire billows out of the Taj Hotel in Mumbai November 27, 2008.   REUTERS/Jayanta Shaw
One Year Later

A look back at the events of 26/11 ahead of the first anniversary of the militant attacks in Mumbai that killed 166 people.  Slideshow | Full Coverage 

India Investment Summit 2009
India Investment Summit 2009

Top executives and bankers discuss their own plans and the broader opportunities and challenges for India.  Full Coverage 

Thierry Henry's handball scandal

Barcelona's Thierry Henry takes part in a training session at Nou Camp Stadium in Barcelona, November 23, 2009. Barcelona and Inter Milan will play their soccer Champions League match on Tuesday. REUTERS/Albert Gea
FIFA to hold meeting

FIFA to hold an extraordinary meeting before World Cup draw to discuss Thierry Henry's handball in the qualifiers and discovery of match-fixing ring by German police.  Full Article