Swiss Institution Sells Non-US Business Amid Tax Scandal

Law360, New York (January 27, 2012, 3:11 PM EST) -- Switzerland's oldest bank, Wegelin & Co., is sending its non-U.S. clients and staff to Notenstein Private Bank Ltd. for an undisclosed sum as it struggles with U.S. authorities' charges that it lets American clients hide assets, Wegelin said Friday.

Citing the “increasingly threatening situation” surrounding the bank as a result of the tax dispute with the U.S., the St. Gallen-based bank's managing partners took the “radical step” of transferring its Swiss business to Notenstein, which in turn is being taken over by Raiffeisen, Switzerland's third-largest bank....
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