By Katharina Bart Of DOW JONES NEWSWIRES ZURICH -(Dow Jones)- Liechtenstein-based Verwaltungs- und Privatbank AG (VPB.EB) said Tuesday it swung to a net loss in 2008 and suffered massive outflows of client funds, signaling deepening problems for the country as a financial center amid mounting pressure on tax havens from authorities in the U.S. and the E.U.
From the Dow Jones Newswire:
By Katharina Bart Of DOW JONES NEWSWIRES ZURICH -(Dow Jones)- Liechtenstein-based Verwaltungs- und Privatbank AG (VPB.EB) said Tuesday it swung to a net loss in 2008 and suffered massive outflows of client funds, signaling deepening problems for the country as a financial center amid mounting pressure on tax havens from authorities in the U.S. and the E.U.
The Vaduz-based bank for the wealthy’s net loss for the 12 months was 83.2 million Swiss francs ($72.3 million), from a net profit of CHF157.8 million a year ago.
The loss was burdened by CHF171.9 million to revalue securities held by VP Bank, as well as shoring up cash and money market funds the bank offers.
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