Wegelin closes after US tax evasion fine

Wegelin closes after US tax evasion fine


One of Switzerland’s oldest banks Wegelin, established in 1741, announced that it “will cease to operate as a bank,” after paying €44 million in tax evasion fines to US authorities.

However, on 27 January 2012, the bank announced that the substantial majority of clients and staff will be transferred to Swiss Notenstein Private Bank Ltd, which will become a 100 per cent subsidiary of Austrian Raiffeisen Bank for an undisclosed sum. Senior Managing Partner of Wegelin ...


This story is part of New Europe's Premium content.

To Read the Full Story, Subscribe or Sign In from the ↑ Top of the Page ↑
new europe join now