Neither would confirm whether the inquiries concerned U.S. sanctions against Iran, which have led to investigations at rival banks such as UniCredit and RBS and have already cost Standard Chartered a hefty fine.
"The bank requires that all employees in the cross-border asset management business abide by legal fundamentals, including the German-Swiss tax deal […] Whoever transgresses is severely sanctioned”, Mr Weber told German newspaper Handels
The magistrates have now put the chief executive of Intesa's Luxembourg unit Societe Europeenne de Banque (SEB), Marco Bus, and an Italian broker and former Intesa employee, Alessandro Jelmoni, under investigation.
According to legal expert Joachim Wieland, the deciding factor in the matter is whether or not the state has an exceptional financial need for such a one-off levy, for example to save the country’s banks, to bail out other countries, or to reduce bo
The products span from life policy investments, to alternative asset classes, such as fine wine, art, Indonesian timber, green energy funds and wind farms.
Julius Baer seems to have widespread shareholder support for acquiring Bank of America Corp.’s non-U.S. Merrill Lynch units, the Zurich-based newspaper reported, citing an interview with Enkelmann, who added that a “good portion” of the
The proposed legislation takes as inspiration the new U.S. Foreign Account Tax Compliance Act (FATCA), which is designed to stop Americans from hiding money from the taxman offshore, the report says.
Mr. Tan has argued throughout the case, which commenced late last year, that is common practice for senior bank employees to make requests to RBS's rate setters about appropriate rates.