Coutts & Co have set aside CHF 112 million (approximately £75 million) for exceptional items which may include fines as a result of the US investigation regarding tax evasion.
Coutts, owned by Royal Bank of Scotland, have previously admitted to taking part in the US programme which insists all Swiss banks review whether their American account holders have evaded tax. The bank has decided to take a ‘judicious approach to its involvement’ with the US Department of Justice and is currently in Category 2 of Swiss banks being investigated.
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This follows the OECD’s announcement earlier this week confirming a new automatic exchange of information regarding tax matters.
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