Category: ABN Amro

US Justice Department Announces Resolution Under Swiss Bank Program With Union Bancaire Privée, UBP SA

The Department of Justice announced today that Union Bancaire Privée, UBP SA (UBP), reached a resolution under the department’s Swiss Bank Program. UBP will pay a penalty of more than $187 million. “Today’s agreement marks the final resolution with UBP, which acknowledges its role in conspiring with U.S. taxpayers to...

Barclays Pressing Swiss Private Bankers to Double Client Assets

The new head of Barclays Plc’s Swiss unit is pushing private bankers in Geneva and Zurich to double client assets in four years as international competitors exit the world’s largest hub for offshore wealth. James Buchanan-Michaelson, who joined from Coutts International in June, aims to increase Swiss assets, including loans,...

US$21tril to US32tril stashed away in tax havens pose economic challenge

CAPITAL flight to offshore tax havens, estimated at between US$21 trillion to US$32 trillion, poses a major challenge especially in tackling income inequality, poverty and debt issues. In total, 10 million individuals around the world hold assets offshore, with almost half of the minimum estimate of US$21 trillion to US$9.8...

RBS Sells Coutts International to UBP in Swiss Retreat

(Bloomberg) — Royal Bank of Scotland Group Plc agreed to sell its Coutts International private banking business to Switzerland’s Union Bancaire Privee, as the bailed-out British lender retreats from the Swiss wealth market. RBS is expected to sell Coutts for 350 million francs ($360 million) to 400 million francs, depending...

RBS thinning out bidders for Coutts

LONDON, GENEVA — The Royal Bank of Scotland Group (RBS) is narrowing the field of bidders for its Coutts International private-banking arm to focus on Switzerland’s Union Bancaire Privée (UBP), people with knowledge of the matter said. UBP is the preferred bidder and an agreement might be reached as early...

Most Dutch banks are ‘vague’ about tax avoidance: fair banking report

Seven Dutch financial institutions may be involved in evading taxes and are ‘extremely vague’ about what they do to ensure this does not happen, the Dutch Fair Bank Guide said on Wednesday. ABN Amro, Aegon, Delta Lloyd, ING, NIBC, Rabobank and Van Lanschot emerge as potential tax avoiders in research...