• Switzerland edition
 
Swiss Raiffeisen to drop US clients amid tax row
Photo: Raiffeisen Switzerland

Swiss Raiffeisen to drop US clients amid tax row

Published: 23 Jul 2012 09:18 GMT+02:00
Updated: 23 Jul 2012 09:18 GMT+02:00

"We will soon shed those American clients who are taxable in the United States," bank spokesman Franz Wuerth told ATS news agency confirming reports by several regional papers.

But he added that Raiffeisen had "very few foreign clients and even fewer from America". Only 0.03 percent of its clients would be affected out of a total 3.5 million.

Coop, another retail bank, announced it had stopped doing business with its US clients.

US tax officials have been putting pressure on Swiss banks to release information about clients who are US nationals and who might be evading taxes and the two countries are involved in talks to settle the dispute.

Overall, 11 Swiss or Switzerland-based banks have been targeted including Credit Suisse, Julius Bär, Wegelin, Zürcher Kantonalbank (ZKB), Basler Kantonalbank (BKB), Neue Zürcher Bank, the Swiss subsidiary of HSBC, Liechtensteinische Landesbank (LLB), as well as Israel's Leumi, Hapoalim and Mizrahi banks.

As part of the ongoing negotiations Finance Minister Eveline Widmer-Schlumpf has authorized Swiss banks to reveal to US authorities the names of their staff working with US clients.

The data transfer to US justice authorities has caused alarm among bankers who fear that they might be arrested on arrival in the United States.

Don't miss...X
Left Right

Your comments about this article

2012-08-03 14:24:43 by smeghead
Good idea as they seem nothing but trouble.
Today's headlines
Low-IQ ‘IT genius’ leads school computer theft
iMacs were among the computers stolen from nine schools. Photo: Jamie McCall

Low-IQ ‘IT genius’ leads school computer theft

A youth with an IQ of just 65 helped mastermind the theft of dozens of computers from schools in the canton of Vaud before reconfiguring them for sale at a Lausanne second-hand shop. READ  

Farms opt out of Swiss National Day brunch
Brunches are increasingly popular, despite the decline in farms taking part. Photo: SVB/Brunch.ch

Farms opt out of Swiss National Day brunch

The number of farms in Switzerland offering a traditional brunch as part of Swiss National Day celebrations has fallen by more than a third since the initiative began. READ  

Emmental takes the brunt in weekend storms
Storms uprooted trees and flooded villages in Emmental. Photo: Caroline Bishop

Emmental takes the brunt in weekend storms

The Emmental region is in the middle of a clear-up operation after further bad weather caused major damage over the weekend to the tune of four million francs ($4.4 million) READ  

Andujar aces Monaco to take Swiss Open title
Andujar holds his Gstaad trophy. Photo: Fabrice Coffrini/AFP

Andujar aces Monaco to take Swiss Open title

Spain's Pablo Andujar broke a title drought lasting for more than two years on Sunday as he defeated Argentine Juan Monaco 6-3, 7-5 to win the Swiss Open. READ  

Lausanne woman among Mali plane crash dead
The Air Algérie plane was en route to Algiers. Photo: Farouk Batiche/AFP

Lausanne woman among Mali plane crash dead

A communications officer from Lausanne is listed among the 118 people on board the Air Algérie plane which crashed in Mali on Thursday. READ  

Resting Wawrinka drops in on Swiss Open
Wawrinka recovered from illness shortly before Wimbledon. Photo: Andrew Yates/AFP

Resting Wawrinka drops in on Swiss Open

Stan Wawrinka confirmed on Friday that he is fit and ready for the final leg of the ATP season, starting with the Masters 1000 event in Canada. READ  

Swiss swimmer attempts river Rhine record
The Rhine flows through Basel. Photo: Michelle Kinsey Bruns

Swiss swimmer attempts river Rhine record

A man from Graübunden is attempting to swim the length of the river Rhine from its source to its mouth, a journey of 1,247 kilometres. READ  

Deal reached on Geneva airport construction
The agreement means Geneva airport's building work can go ahead. Photo: eguidetravel.com

Deal reached on Geneva airport construction

Environmentalists and residents groups have withdrawn their opposition to the renovation of Geneva airport’s east wing after an agreement was reached regarding the number of planes that may use it. READ  

New rules put damper on national day fireworks
Communes don't want to pay for fireworks training courses. Photo: Takashi Nishimura

New rules put damper on national day fireworks

Celebrations on Swiss National Day on August 1st may be more muted than usual this year after the government ruled that anyone running a fireworks display must undergo a costly training course. READ  

Youzhny sets up quarter- final clash in Gstaad
Mikhail Youzhny celebrates after winning last year's tournament. Photo: Alain Grosclaude/AFP

Youzhny sets up quarter- final clash in Gstaad

Top seed Mikhail Youzhny began his title defence at the Swiss Open tennis tournament in Gstaad on Thursday with a 6-3, 6-4 defeat of Frenchman Kenny De Schepper. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Tech
Hackers exploit 'holes' in Swiss online banking systems: IT experts
Sport
Video of Bern football player's spectacular own goal goes global
Tech
Switzerland stays on top of innovation rankings for fourth year
National
Roger Federer and Lindsey Vonn play tennis at Jungfraujoch (VIDEOS)
Business & Money
Competition commission launches probe into Swiss car leasing 'fiddle'
Health
Down's syndrome cases in Switzerland more than double
National
American family files hefty lawsuit over deadly Swiss balloon crash
Features
Graubünden's panoramic Bernina Express celebrates rail history
National
Study rates Zurich as world's fifth most expensive city for expats
National
Swiss-based human brain project directors hit back at research critics
Business & Money
Switzerland gets the edge on EU with China free trade agreement
National
Entries for new Swiss national anthem competition swell over 200
National
Zurich-based helicopter firm denies role in Schumacher medical leak
Culture
Montreux Jazz Festival debuts live internet streaming of concerts
Features
Tour of Bern’s historic fountains tells story of Switzerland's capital
National
Swiss media lament football team's 'cruel' and 'bitter' defeat
International
The Local expands its reach with the launch of new website in Denmark
Sport
Jubilant press hails hat-trick hero Shaqiri as 'Swiss Messi'
National
New website study reveals inequality in Swiss disposable income
Travel
Switzerland’s largest ski area 4-Vallées breaks up over lift dispute
National
VIDEO: Zurich Zoo launches contest to name newborn baby elephant
Business & Money
CEO-to-worker pay gap grows at biggest Swiss firms: union study
Culture
VIDEO: Swiss performance artist plans naked stroll at Art Basel
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

2,146
jobs available