Swiss private bank Julius Baer has asked its German clients with undeclared funds to come clean with their tax authorities.
Julius Baer expects to have hardly any untaxed German funds sitting in its Swiss accounts by the end of this year, CEO Boris Collardi told Swiss paper Finanz und Wirtschaft.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Switzerland’s tax treaties with Austria and the UK, as well as its attempts to strike a deal with Italy will help Julius Baer clean up its books.
"If this happens, we will have solved the problem of untaxed funds by 2015 as far as Europe is concerned," Collardi told the paper.
Collardi added Julius Baer has made substantial progress in talks with the US authorities over client tax issues and remains confident that it can hit a deal.
The Swiss banker also told the paper that he was not interested in purchasing Credit Suisse’s retail banking operations in Germany and that Julius Baer is in plans to invest hundreds of millions of Swiss francs in a new information technology platform.
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
