Swiss banks to face charges in the US
Posted on: Feb 06, 2012 |
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Swiss private bank Julius Bär announced today that it might have to pay a fine to settle allegations it helped American clients cheat on their taxes, but explained to investors that the final outcome of the case was uncertain.
"We've taken an early, proactive approach with the U.S., taken measures including the US exit in 2009 at our own decision, and have an ongoing constructive dialogue," Julius Bär CEO Boris Collardi said. Julius Bär is one of at least 11 Swiss banks under pressure from the U.S. to give up tax-evading American customers and the bankers who helped them. In January, one of Switzerland's oldest banks, Wegelin & Co, announced it was selling most of its U.S. based activities after it was indicted in the U.S. with conspiring to help American clients hide more than $1.2 billion from the Internal Revenue Service. The U.S. investigation against Julius Bär and other Swiss banks follows the successful case against UBS, which resulted in Switzerland's biggest bank having to pay a $780 million fine and give up 4,450 clients' files to the U.S. authorities in 2010. U.S. authorities have requested from those 11 Swiss banks detailed information about their past business operations in the U.S. "We have so far delivered data that was general information about the bank, the business practices," said Boris Collardi. "We have not delivered any client information nor detailed employee information," he added. The Swiss Finance Department said last week that it was in the process of transmitting files on Swiss banks' U.S. operations to the U.S. Other banks named in the U.S. probe include, Credit Suisse, and state-owned Zurich Kantonalbank. They are requested to present their latest results on Thursday and Friday, respectively. Julius Bär’s shares closed 3.8 percent lower at 36.40 ($39.62) on the Zurich exchange Monday. Last year, the bank paid 50 million euro ($66 million) to resolve a tax evasion case in Germany. |
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