ZKB Says Department of Justice Asks for Details on U.S. Business
Zuercher Kantonalbank, the biggest of the Swiss publicly owned cantonal banks, said it received a letter from the U.S. Department of Justice on Dec. 20 requesting information of how the bank used to do business in the U.S.
“The letter was written in a very friendly tone,” requesting statistical material and other information about the bank’s U.S. business, ZKB spokesman Urs Ackermann said in a telephone interview from Zurich today. “It does not involve handing over client data.”
ZKB said on Sept. 20 it had learnt it was under investigation by U.S. authorities. The U.S. was previously requesting information about accounts held by thousands of Americans in 10 banks including Credit Suisse (CSGN) and ZKB, SonntagsZeitung reported on Sept. 4, citing correspondence between Michael Ambuehl, the state secretary to the Swiss finance ministry, and James Cole, the U.S. deputy attorney general.
To contact the reporter on this story: Carolyn Bandel in Zurich at cbandel@bloomberg.net
To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net
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