Swiss Banks May Lose $51 Billion of German, U.K. Assets
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Swiss wealth managers may lose about 47 billion Swiss francs ($51.1 billion) in assets as clients make withdrawals before tax agreements with Germany and the U.K. come into force in 2013, according to a Booz & Co. study.
Banks may also lose about 1.1 billion francs in annual revenue, or about 4 percent of the 2010 total, Booz said in a study published today. Switzerland reached agreements with Germany and the U.K. this year over taxation of undeclared bank accounts. Revenue generated from the tax on investment and capital gains will go to the German and U.K. treasuries while client identities remain secret.