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  1. Wealth
March 11, 2009

DJ: Liechtenstein bank shows 2008 loss

By Spear's

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.

To read the full story, visit easybourse.com
 

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