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February 18, 2014updated 04 Apr 2017 2:30pm

Italy may ban sale of Swiss banks products to retail clients

Italian officials are considering banning Swiss banks from selling financial products to retail customers in the country.

By Verdict Staff

Italian officials are considering banning Swiss banks from selling financial products to retail customers in the country.

The move comes after Swiss voters supported plans to restrict immigration from the European Union, reported Reuters citing Switzerland state secretary for international financial and tax matters Jacques de Watteville.

Furthermore, Italy will ban the products untill it receives an assurance from Switzerland for the free movement of people between the two countries.

Swiss banks sell mutual funds and structured products for wealthy customers in the EU countries. However, they are not engaged in mortgage lending outside Switzerland.

Reuters quoted de Watteville as that, "We have to find a solution to overcome this obstacle."

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