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Banks in Switzerland are likely to see massive outflows as European clients react to incoming regulatory changes, an official from UBS believes.
During an interview with the Schweizer Bank magazine published today (17 September), head of the wealth management arm of the bank Juerg Zeltner feels that huge amounts will be withdrawn ahead of changes that will tighten up rules relating to the use of secret accounts, Reuters reports.
Mr Zeltner estimated that his own company will experience outflows worth between 12 and 30 billion francs ($12.8-$31.9 billion) in the near future and expects this trend to be prevalent across most financiers.
"As a consequence of the realignment of the financial centre and the planned withholding tax, we assume that a total of hundreds of billions of francs will flow out of Switzerland," he noted.
The USB official went on to say that he expects the trend of large-scale withdrawals to continue for "quite a long time".
By Tony Aynsley
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