Swiss private bank Wegelin & Co is to close permanently following its guilty plea to helping Americans evade taxes through secret accounts.
Wegelin, the oldest Swiss private bank, will pay $57.8m (£36m) to the US authorities in penalties after it admitted to charges of conspiracy in helping wealthy Americans evade taxes on at least $1.2bn for almost 10 years.
When Wegelin was indicted by US authorities last February, it vowed to resist the charges. The bank, founded in 1741, was declared a fugitive from justice when its Swiss-based executives failed to appear in US court.
The surprise plea effectively ended the US case against Wegelin, one of the most aggressive bank crackdowns in US history.
City A.M. Reporter