Banking in Switzerland

Swiss to let banks give client info to the US

Swiss Finance Minister Eveline Widmer-Schlumpf. Photo: AP

Switzerland is proposing a change to its banking laws that will let Swiss banks pass on information about US citizens to the United States tax authorities.

Thursday, 30 May, 2013, 4:33am

Long arm of UK taxman reaches city

James To Kun-sun. Photo: Edward Wong

UK taxpayers with bank accounts in Switzerland will have to disclose their account details or be taxed up to 41 per cent of their balance under a deal between the two countries. The UK-Swiss Confederation Taxation Cooperation Agreement, which was signed in 2011 takes effect this year and is designed to crack down on tax evasion.

25 Feb 2013 - 5:27am

Swiss banks told to rein in lending or face restrictions as bubble fears grow

The Swiss National Bank has imposed higher capital buffers on the nation's banks. Photo: Bloomberg

Switzerland's government, at the urging of the Swiss National Bank, last week ordered banks to hold additional capital as a buffer against risks posed by the country's biggest property boom in two decades. The amount, set at 1 per cent of banks' risk-weighted assets tied to domestic residential mortgages, can be increased to as high as 2.5 per cent.

20 Feb 2013 - 4:40am

Swiss banking giant UBS slashes 10,000 jobs

The entrance to a branch of Swiss banking giant UBS in Zurich. Photo: AFP

UBS revealed plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, in one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008.

30 Oct 2012 - 2:40pm

Swiss bank La Roche closes HK unit

La Roche & Co Banquiers, the 224-year-old Swiss private bank, has shuttered its Hong Kong office.

'The anticipated synergies between the bank in Switzerland and the company in Hong Kong have not materialised,' said Mathis Buettiker, a partner at La Roche.

15 Oct 2011 - 12:00am

Investors hear the call of the Swiss Alps

Foreign property developers are beating a path to Hong Kong to sell their projects, lured by strong investment demand and waning markets in their home countries.

10 Nov 2010 - 12:00am

Data theft hit 15,000 at HSBC Swiss branch

About 15,000 wealthy customers of HSBC's private Swiss bank had their financial data stolen three years ago by a former employee.

The bank said yesterday that it knew of the theft in 2006, but did not know which customers were affected until earlier this month.

12 Mar 2010 - 12:00am

Corrections & clarifications

In the page A3 story yesterday, '77-year-old sues Swiss Bank over HK$200m loss on her investments', the payment of HK$10 million was made in June this year by the plaintiff, Chan Wai-yee, to UBS AG.

30 Jul 2009 - 12:00am

Leader seeks to stay on top with a broader range of instruments

Demand for wealth management services has seen explosive growth in the past few years, transforming the face of private banking and providing a host of new challenges for professionals in the sector.

15 Jun 2007 - 12:00am

The Ferrari of the banking world

UBS

IN OCTOBER 2005 UBS advertised in Asia for candidates to enrol in their new wealth management associate programme.

There were 3,000 applicants but only 33 were appointed. UBS is investing $2 million in each associate in the 18-month programme.

20 May 2006 - 12:00am

EFG Private Bank opens

The Swiss private banking arm of EFG Bank Group, EFG Private Bank SA, opened yesterday its Asia-Pacific headquarters in Hong Kong. The third Swiss bank with a full banking licence in the SAR will provide on-shore private banking services in the Asia Pacific region. The office employs about 60 workers.

24 May 2002 - 12:00am

End to Nazi loot saga

If it has taken six years for the Clinton administration to realise economic sanctions against other nations generally do not work, the timing of the Pauline conversion cannot have been more ironic.

20 Aug 1998 - 12:00am

Switzerland: cold hearts in a cold climate

Switzerland's mountainous terrain can make it a cold place. When it comes to money it can be even colder. Last week, a United States Government report into the Swiss banks' failure to return assets to relatives of Jewish victims of the Nazi death camps after World War II offered further proof of just how callous a society can become when its wealth is at stake.

11 May 1997 - 12:00am

Earnings up

Zurich: Bank am Bellevue, an unlisted Swiss bank and asset manager, says 1996 net profit rose 33 per cent to 14 million Swiss francs (about HK$74.34 million).

27 Mar 1997 - 12:00am

Summit on Marcos cash ends in failure

A SUMMIT on how to split up the fortune of late Philippine dictator Ferdinand Marcos has ended in failure, the head of the negotiations said yesterday.

20 Jan 1996 - 12:00am

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