Private Swiss banks open up to more scrutiny
SWISS bank Pictet published its financial results yesterday for the first time in its 209-year history.
Three other banks in the notoriously secretive industry are also preparing to publish financial data in an unprecedented display of openness.
The Swiss industry has come under enormous pressure from international regulators and tax authorities, who suspect private banks of helping or allowing clients to shelter untaxed funds.
Pictet made profits of SFr203m (£134m) in the first half of 2014, off operating revenues of SFr975m and expenses of SFr727.8m.
It has assets under management or custody of SFr404bn,
The bank promised to continue to treat its customers in line with its history of discretion.
“The publication of these figures twice a year – a statutory duty of the new legal form that we now have – may seem to herald a big change, as much for our clients as for us. But it does not undermine the primacy of trust,” said the bank yesterday.
“We believe that if we continue to look after the interests of our clients – with dedication, independence and responsibility – the numbers will look after themselves.”
Lombard Odier will publish its financial results tomorrow.