Archive – Banking & Fintech

Wealth magnet Singapore challenges private banks

This content was published on Dec 19, 2013 Cushioned from the stifling heat and noise of the bustling banking district, the lobby of Swiss private bank Bordier’s new Singapore branch offers an oasis of tranquility. On entering the building clients are greeted by the sight of a large, slightly battered ledger book dating back more than 100 years – with hand-written entries of…

Banking on changing attitudes of Asian wealth

This content was published on Dec 19, 2013 The Singapore private banking scene is rapidly developing, with assets being deposited in such institutions rising ten-fold from S$50 billion ($40 billion) in 2000 to S$550 billion last year. But that is only a fraction of $1.63 trillion of wealth parked in Singapore in 2012. The 169-year old Swiss private bank, with around CHF10 billion ($11…

New Jersey sues Credit Suisse

This content was published on Dec 18, 2013 In a lawsuit filed on Wednesday, the state said Credit Suisse did not disclose to investors that underwriting guidelines had been abandoned in the sales. The suit says that in addition, investors were not told that many of the loan originators had poor track records and that some had even been suspended from doing business…

Ex-banker granted $10.5 million bail

This content was published on Dec 16, 2013 Weil, a 54-year-old Swiss citizen, was arrested in Italy in October. The Florida court indictment accuses him of playing a prominent role in helping UBS’s US clients hide around $20 billion in undeclared assets between 2002 and 2007. Weil appeared in shackles in federal court on Monday, three days after he was extradited from Italy.…

Major lender says it has ‘no US tax cheats’

This content was published on Dec 13, 2013 Other smaller banks have opted to declare presumed guilt despite some not knowing if they count tax cheats among their clients or not. The treaty signed by the two countries in August allows Swiss banks to avoid criminal prosecution by coming clean about their US involvement by the end of this year. In a short…

Another kind of development aid

This content was published on Dec 12, 2013

Villagers give Glencore tax to affected nations

This content was published on Dec 11, 2013 In the small village of Hausen am Albis, home to 3,300 people, a shout of joy and loud applause greeted the result of a vote in early December – residents had just accepted an initiative to give part of the tax windfall indirectly generated by Glencore to development aid projects abroad. Hausen am Albis was…

Supermarket banks sign up to US tax probe

This content was published on Dec 11, 2013 Banks had until Monday to inform the Swiss Financial Market Supervisory Authority (FINMA) whether they would take part in the scheme. Migros Bank said on Wednesday that 370 of its 825,000 clients – mostly Swiss citizens residing temporarily in the US or clients with dual nationality – came under the criteria of the scheme brokered…

US tax deal could prove deadly for small banks

This content was published on Dec 10, 2013 Big banks, which sparked the US crackdown by knowingly or recklessly harbouring untaxed assets, have the financial clout to absorb costs and fines. But regional institutions, making up one in four of all Swiss banks, may face a harsher ultimate penalty, despite shouldering a far lesser burden of guilt than larger rivals. In August, Switzerland…

US tax deal could prove deadly for small banks

This content was published on Dec 9, 2013 Big banks, which sparked the US crackdown by knowingly or recklessly harbouring untaxed assets, have the financial clout to absorb costs and fines. But regional institutions, making up one in four of all Swiss banks, may face a harsher ultimate penalty, despite shouldering a far lesser burden of guilt than larger rivals. In August, Switzerland…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Wealth magnet Singapore challenges private banks

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Banking on changing attitudes of Asian wealth

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New Jersey sues Credit Suisse

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Ex-banker granted $10.5 million bail

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Major lender says it has ‘no US tax cheats’

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Another kind of development aid

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Villagers give Glencore tax to affected nations

More

Supermarket banks sign up to US tax probe

More

US tax deal could prove deadly for small banks

More

US tax deal could prove deadly for small banks

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