Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
28th February 2012
Sarasin sells NZB stake back to NZB
It has only just become known that Bank Sarasin sold its stake in Neue Zuercher Bank (NZB) of around 40% back to NZB in December. The reason for the sale is that NZB is one of the banks under investigation by the US authorities for allegedly encouraging US citizens to evade taxes by depositing money with the bank. Sarasin, on the other hand, is not one of the 11 Swiss banks targeted by the US under the current wave and wants to distance itself from any allegations of wrongdoing.
Under an amnesty to its own citizens, the US authorities are not prosecuting the tax evaders even where there is evidence of this occurring but are prosecuting Swiss banks for encouraging the US Citizens to evade taxes.
The Swiss government is hoping to conclude a double tax evasion treaty with the US before the end of 2012 Q3.