Finance

Swiss private bank frey gives up after pressure from the usa

Swiss private bank frey gives up after pressure from the usa

The end of the bank frey, founded in 2002, was decided by an extraordinary meeting of shareholders, as the zurich financial institution announced thursday evening on its website. In march, the swiss bank wegelin had already ceased operations after a conviction in the u.S.

The bank frey referred to "hardly bearable conditions" as a result of the tax dispute with the USA. In april, the head of the bank’s private customer business frey was indicted on suspicion of aiding and abetting tax evasion.

Once again, "a small bank that comes under the scrutiny of U.S. Tax investigators can very quickly find itself in a situation that threatens its very existence," the "neue zurcher zeitung" wrote on friday. Then "giving up business is the best alternative for customers and shareholders".