Lloyds Says Swiss Unit May Have Had Undeclared U.S. Clients
2014-07-31 10:44:10.384 GMT
By Giles Broom
July 31 (Bloomberg) -- Lloyds taking part in U.S. Justice
Department disclosure program for Swiss banks, company says in
half-year statement today.
* Co. is completing due diligence under terms of the program
regarding Swiss operations it sold last yr
* Outcome uncertain of participation in program, including
timing and scale of potential fine
* Co. “believes it has operated in full compliance with all
U.S. federal tax laws”
* NOTE: 106 Swiss banks entered program that requires banks to
disclose how they helped Americans hide assets and pay
penalties
* NOTE: Lloyds sold Swiss private bank to Union Bancaire
Privee last yr
For Related News and Information:
Swiss Banks Send U.S. Client Data Before Cascade of Settlements
NSN N9KF066JIJUQ<GO>
Lloyds Sells International Private Banking Business to UBP
NSN MNKHR96S9736<GO>
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Giles Broom in Geneva at +41-22-317-9212 or
gbroom@bloomberg.net
To contact the editors responsible for this story:
Mark Bentley at +49-699-204-1262 or
mbentley3@bloomberg.net
Simone Meier, Jon Menon
2014-07-31 10:44:10.384 GMT
By Giles Broom
July 31 (Bloomberg) -- Lloyds taking part in U.S. Justice
Department disclosure program for Swiss banks, company says in
half-year statement today.
* Co. is completing due diligence under terms of the program
regarding Swiss operations it sold last yr
* Outcome uncertain of participation in program, including
timing and scale of potential fine
* Co. “believes it has operated in full compliance with all
U.S. federal tax laws”
* NOTE: 106 Swiss banks entered program that requires banks to
disclose how they helped Americans hide assets and pay
penalties
* NOTE: Lloyds sold Swiss private bank to Union Bancaire
Privee last yr
For Related News and Information:
Swiss Banks Send U.S. Client Data Before Cascade of Settlements
NSN N9KF066JIJUQ<GO>
Lloyds Sells International Private Banking Business to UBP
NSN MNKHR96S9736<GO>
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Giles Broom in Geneva at +41-22-317-9212 or
gbroom@bloomberg.net
To contact the editors responsible for this story:
Mark Bentley at +49-699-204-1262 or
mbentley3@bloomberg.net
Simone Meier, Jon Menon