• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

UBS sees billions in assets outflow

Nov 20 2011 15:11
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 banks.

"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 cheats.

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.

ubs  |  swiss banks


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote