Archive – Banking & Fintech

UBS hands Singapore client details to US

This content was published on Jun 23, 2016 The case apparently breaks down another barrier that had frustrated the attempts of the US to track down tax cheats. The US had earlier forced Switzerland to dismantle its banking secrecy laws to hand over files on Swiss-based accounts. But prosecutors have not found it so easy to obtain information of Swiss bank clients with…

BSI Bank appeals regulator’s 1MDB sanctions

This content was published on Jun 23, 2016 The Swiss Financial Market Supervisory Authority (FINMA) has ordered BSI to disgorge CHF95 millionExternal link ($99 million) in profits for “serious breaches” of anti-money laundering rules. FINMA also effectively closed down the BSI, whose business is being taken over by EFG Bank, and is taking action against two executives. The FINMA investigation found BSI guilty…

Number of Swiss millionaires hits new record

This content was published on Jun 23, 2016 The number of dollar millionaires rose by 4.5% to 358,500, according to the latest World Wealth ReportExternal link by consultants Capgemini. Switzerland thus remained in seventh position, pulling away from eighth-placed Canada, which saw the number of millionaires fall by 3% to 321,000. Whereas Canada had experienced economic problems last year, in Switzerland rising property…

Ex-banker pleads guilty to helping Americans evade taxes

This content was published on Jun 23, 2016 The 48-year-old Italian citizen and Swiss resident pleaded guilty on Wednesday in the Eastern District Court of Virginia. He was a relationship manager at Credit Suisse and helped US citizens conceal their assets and income in secret Swiss bank accounts between 2002 and 2009. He managed a portfolio of around $700 million for Americans residing…

Takeovers drive Swiss corporate spending spree

This content was published on Jun 22, 2016 The latest figures by the United Nations Conference on Trade and Development (UNCTAD) showed impressive investments both coming into Switzerland and being splurged abroad by Swiss firms. Switzerland jumped from the 38th most desirable destination for foreign corporate spending to 6th. The amounts invested in Switzerland swelled from $7 billion in 2014 to an estimated…

Sika board faces fresh legal assault from founder’s family

This content was published on Jun 22, 2016 The Burkard family, which owns 53% of Sika’s voting rights, wants to sell its stake to French industrial conglomerate Saint-Gobain. But Sika’s directors object to the takeover and have controversially foiled attempts to vote them off the board by artificially limiting AGM votes. For a second year in a row the Burkard family members, via…

Swiss group challenges trade partnerships

This content was published on Jun 21, 2016 TTIP is a proposed trade agreement between the United States and the European Union, of which Switzerland is not a member. TISA (Trade in Services Agreement) is being negotiated between the US and 23 members of the World Trade Organisation, including the EU and Switzerland. More than a dozen organisations – including Switzerland’s Green Party…

A Swiss role beyond carbon cutting

This content was published on Jun 21, 2016 Switzerland’s real contribution to the global warming fight may be the wealth and technology that it could contribute to help other countries.

Swiss private banks sharpen Southeast Asia focus

This content was published on Jun 20, 2016 Bordier & Cie is the latest wealth manager seeking partnerships with regional banks in markets including Vietnam, on the heels of a similar tie-up in Thailand between Lombard Odier and a local bank. Credit Suisse, too, is targeting rich Thais, setting up a team of relationship managers in Bangkok. Geneva-based Bordier & Cie said it…

Brokers move to limit amateur traders’ Brexit losses

This content was published on Jun 20, 2016 Swissquote, one of Switzerland’s largest online brokers with more than 230,000 client accounts, understands better than most the risks of “armchair investors” getting in over their heads. Last year it had to write off CHF25 million ($26 million) in bad debts when account holders were caught out by the central bank’s abandonment of the franc-euro…

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