Economics

Oldest Swiss bank to close after guilty plea

The oldest Swiss bank, Wegelin, said it would soon shut its doors permanently after more than two and a half centuries of its existence as a private lender, Deutsche Welle reports.

The announcement came after the bank pleaded guilty in US District Court in Manhattan to a string of charges of assisting Americans in evading taxes though secret accounts. The move marked a turning point in a battle by US authorities against Swiss bank secrecy.

“Once the matter is finally concluded, Wegelin will cease to operate as a bank,” the lender said in a statement released by its headquarters in St. Gallen.

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