Swiss Banks Had CHF350B Net Foreign Client Outflows, PwC Says
2014-08-27 13:33:41.436 GMT
By Giles Broom
Aug. 27 (Bloomberg) -- Foreign clients withdrew less money
than expected over past 6 yrs, PwC reports in study today.
* Tax assessments and international demand for more tax
transparency accounted for large part of outflows
* As much as CHF100b of net outflows related to payment of
fines for untaxed money
* About CHF250b of net outflows was repatriated or transfered
to another financial center by foreign clients terminating
bank relationships
* Banks should demonstrate “high-quality service” and
“strong performance” to attract tax-compliant money
* NOTE: Pictet Lures Competitors’ Clients Amid Swiss Banking
Turmoil NSN NAWYE86S972F<GO>
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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, Steve Bailey
2014-08-27 13:33:41.436 GMT
By Giles Broom
Aug. 27 (Bloomberg) -- Foreign clients withdrew less money
than expected over past 6 yrs, PwC reports in study today.
* Tax assessments and international demand for more tax
transparency accounted for large part of outflows
* As much as CHF100b of net outflows related to payment of
fines for untaxed money
* About CHF250b of net outflows was repatriated or transfered
to another financial center by foreign clients terminating
bank relationships
* Banks should demonstrate “high-quality service” and
“strong performance” to attract tax-compliant money
* NOTE: Pictet Lures Competitors’ Clients Amid Swiss Banking
Turmoil NSN NAWYE86S972F<GO>
For Related News and Information:
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, Steve Bailey