Clariden Leu AG, with roots that make it Switzerland’s oldest private bank, has begun telling certain U.S. customers suspected of offshore tax evasion that it will disclose their names to the U.S. Internal Revenue Service, with the help of Swiss authorities
Nov 9 (Reuters) – Clariden Leu AG, with roots that make it Switzerland’s oldest private bank, has begun telling certain U.S. customers suspected of offshore tax evasion that it will disclose their names to the U.S. Internal Revenue Service, with the help of Swiss authorities.
The move by the Zurich-based bank, whose parent is Credit Suisse AG , marks a watershed in the battle against Swiss banking secrecy. Credit Suisse acknowledged on Tuesday a Reuters report that it had mailed out its own letters, on its own letterhead, to certain U.S. clients.
Clariden Leu, once a stand-alone subsidiary of Credit Suisse AG, Switzerland’s second largest bank, absorbed other private banking divisions of Credit Suisse in 2007. The bank’s forerunner was founded in 1755 in Zurich.
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Clariden Leu’s notification by registered-mail letter, a copy of which Reuters obtained on Wednesday, is similar in wording to one sent out by Credit Suisse. Clariden Leu acknowledged its mailings to an unnamed number of clients in a statement on Wednesday.
To read the full story, visit reuters.com
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