Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

German Tax Authorities Paid for Bank Client Data, Bilanz Says

German tax authorities in North Rhine-Westphalia paid 3.5 million euros ($4.4 million) for three sets of data containing information about clients of Coutts, a wealth management unit of Royal Bank of Scotland Group Plc, a wealth management unit of Merrill Lynch and UBS AG, Bilanz reported, citing unidentified German judiciary sources.

Tax authorities got data on almost 1,000 clients of Coutts, more than 1,000 clients of UBS and a “smaller” number of Merrill Lynch clients, the Swiss magazine reported. The authorities are investigating whether a UBS unit Corpboard Ltd. may have been used to help clients evade taxes through foundations and trusts, the magazine also said.

“UBS restructured its foundations business in the summer of 2009 and no longer offers any new foundations for German clients,” Zurich-based UBS said in an e-mailed statement today. “Foundations and trusts are only permitted for selected markets and subject to the strictest possible regulations on money laundering and tax compliance.”

Olivia Phillips, a spokeswoman for Coutts, said the bank is “aware of the continued media speculation regarding a potential breach of client data secrecy. Following thorough investigation, we have no evidence to suggest any such breach has taken place.”

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.