Days of Swiss bank secrecy for tax advantage are ending

Wednesday 2 September 2009 at 09:57

Delegates at the European Private Banking summit in Zurich have acknowledged that the days of bank secrecy for tax advantage are coming to an end.

Pierre de Weck, head of Deutsche Bank's private wealth management business said he believed Switzerland had a big future as a financial centre because it offers a high level of banking competence, rather than opportunities to avoid tax.