Swiss Banks Face Slow Death as Taxman Chases Undeclared Assets

American Banker
Giles Broom

Bloomberg News

AUG 6, 2012 1:09pm ET

Swiss banks must lure affluent clients from emerging markets or face a "slow death" as the pursuit of tax dodgers by U.S. and European authorities results in outflows of assets, industry officals and investors said.

Western Europeans may pull as much as 135 billion francs ($139 billion), or 15 percent of their holdings, from Swiss banks, said Herbert Hensle of Cap Gemini SA. Bank Sarasin & Cie. AG reported last week that private clients withdrew 3 billion francs from Swiss locations in the year through June.

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