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Swiss regional banks join deal to avoid US prosecution
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Several Swiss regional banks said yesterday they would cooperate with US officials to avoid prosecution in a crackdown on Swiss lenders suspected of helping wealthy Americans evade taxes through offshore accounts.
Banque Cantonale Vaudoise, Banque Cantonale de Geneve, St Galler Kantonalbank, Zuger Kantonalbank, Luzerner Kantonalbank and Graubuendner Kantonalbank said they were participating in the program.
BCV’s subsidiary Piquet Galland & Cie SA and St Galler KB’s subsidiaries Hyposwiss Privatbank Zurich AG and Hyposwiss Private Bank Geneve SA also decided to join the deal.
About a dozen banks have now come forward to say they are participating in the scheme brokered by the Swiss and US governments this summer to allow banks to make amends for aiding tax evasion by paying fines and disclosing information.
All the cantonal banks that said yesterday they would join the scheme said they had never focused on acquiring US clients but admitted they could not rule out some customers had not met their US tax obligations.
St Galler KB said it would deliver data about its US business that would not include client data to US authorities by the end of June 2014. Based on this information, the US Department of Justice would enter into individual talks with the bank that should end “at the earliest in late 2014.”
The bank said it could not communicate on the expected amount of fines and corresponding provisions, but intended at this stage to leave its dividend unchanged.
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