Swiss Banks Avoid US Clients In Wake Of UBS Vs IRS
The Wall St Journal (7/20/09) is reporting…UBS AG’s (UBS) high-profile spat with the U.S. Internal Revenue Service has made some of Switzerland’s other banks wary of looking after U.S.-based clients, prompting some to stop taking money from Americans altogether and endangering the country’s image as a private banking center…Zurich-based retail bank Zuercher Kantonalbank no longer accepts business from U.S. clients, a spokesman for the state-controlled bank confirmed. A spokesman for Basel-based Bank Sarasin & Cie (BSAN.EB), which focuses on wealthy clients, said that it no longer takes U.S. money, in part because of the U.S. pursuit of offshore funds…Others, such as cooperative Raiffeisen Group, and Migros Bank, owned by Switzerland’s largest retailer Migros-Genossenschafts-Bund, still accept U.S. funds but recently put tougher measures into place in dealing with them. Raiffeisen demands a power-of-attorney and correspondence address outside the U.S., while Migros refuses to correspond with clients on U.S. soil.
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