UBS looks to settle private banking tax issues

Investment bank UBS is negotiating with the US Department of Justice and the
Securities and Exchange Commission following alleged breaches by its offshore
private-banking unit.

According to a report on
ft.com,
a deal with the two authorities would signal a fresh start for shareholders and
‘burnish the reputation’ of Peter Kurer, its new chairman.

While Kurer is yet to publicly declare when a solution is likely, the bank is
said to be under increasing pressure from Swiss governance on banking secrecy.
The US authorities are currently seeking data on the bank’s 19, 000 offshore
clients.

The Swiss bank is looking to settle the allegations before its next
shareholders meeting, scheduled for 2 October.