Swiss private bank EFG International has decided to participate in the US Tax Programme as a Category 2 bank.
"Participation in the Programme is in keeping with the recommendations of the Swiss authorities; provides a structured way of drawing a line under this issue, in the process mitigating uncertainty; and enables the business to focus more of its energy on delivering controlled, profitable growth," the bank said in a statement.
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Under the programme, Swiss banks which are not yet under investigation have been given time until the end of the year to decide whether they will join the voluntary US tax disclosure program or risk costly prosecution.
Post deadline, Swiss banks face risk of potential fines as high as 50% of assets managed by them on behalf of their American clients.
Separately, EFG International also announced that that its 2013 profit will be adversely impacted by a charge of approximately CHF 20 million following an unexpected outcome of a longstanding legal action in the UK to which it was a party.
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