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Offshore private banking dead

A US tax probe against Swiss bank UBS has killed traditional offshore banking, meaning wealth managers will have to improve their offers to survive, bankers and industry experts said yesterday. Pierre de Weck, head of private wealth management at Deutsche Bank, said “the consequences of the crisis at UBS have been dramatic”. Another expert said UBS’s capitulation to the US tax authorities and a global crackdown on tax evasion are denting the allure for banks to shelter untaxed money.