Swiss bank Wegelin to close after US tax evasion fine
Switzerland's oldest bank is to close permanently after pleading guilty in a New York court to helping Americans evade their taxes.
Wegelin, which was established in 1741, has also agreed to pay $57.8m (£36m; 44m euros) in fines to US authorities. It said that once this was completed, it "will cease to operate as a bank".
The bank had admitted to allowing more than 100 American citizens to hide $1.2bn from the Internal Revenue Service for almost 10 years.
Imogen Foulkes reports.
04 Jan 2013
- From the section Business