According to the Financial Times Deutschland, a CD with the names of 1,000 clients of the bank’s Swiss branch was sold for £2.75m ($4.25m) sold to officials of the western German state of North Rhine-Westphalia last week.
Coutts has released a statement rebutting these claims, insisting that the confidentiality of customers’ accounts is taken "extremely seriously".
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
There is no indication of who sold the client details to North Rhine-Westphalia officials.
The situation is unlikely to alleviate tensions between Germany and Switzerland. The two countries have become embroiled over German authorities probing into secret Swiss accounts.
PBI reported on 12 July that German clients of Credit Suisse were being investigated over alleged tax evasion.
Last year the Swiss bank paid German prosecutors 150m ($184m) to stop an investigation into whether it had assisted clients in dodging taxes.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
Source: Private Banker International
