UBS sees billions in assets outflow
Geneva - The boss of Swiss banking giant UBS said Sunday that
clients could withdraw up to 30 billion francs in assets due to deals
between Bern and EU states to regularise untaxed funds hidden in Swiss
"This is an estimation that covers possible accords in
the whole of Europe," UBS chief executive Sergio Ermotti told Swiss
newspaper NZZ am Sonntag in an interview.
"In the worst case scenario, another 30 billion francs (€24bn) could flow out," he said.
However, Ermotti stressed that the sum would make up just "two percent of funds, that we are trusted with in asset management."
Switzerland has come under intense pressure over its
banking secrecy rules after the financial crisis, as industrialised
economies depleted of public funds seek to claw back revenues from tax
It has since done deals with Britain and Germany to regularise assets hidden by the two countries' taxpayers in Swiss banks.
The accords require Swiss banks to make a cash payment,
which would be returned if their clients voluntarily come forward to
settle their tax dues.