Patrick Odier News
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Pictet and Lombard Odier, Geneva’s biggest private banks, plan to reorganize their structures in a move that may presage the end of Swiss bankers assuming unlimited personal liability for losses.
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Swiss private banks are focusing on risk management as wealthy clients seek safer investments amid Europe’s debt crisis, according to Patrick Odier, chairman of the Swiss Bankers Association.
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Switzerland is nearing a solution with the U.S. on tax matters, said Patrick Odier, chairman of the Swiss Bankers Association, after Wegelin & Co. was forced to sell its business under pressure from the U.S. investigation.
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Swiss Bankers Association President Patrick Odier said the implementation of the government’s tax accord with Germany over cross-border accounts of wealthy customers may cost lenders around 500 million Swiss francs ($643 million), SonntagsZeitung reported.
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Switzerland may agree a withholding tax with the U.K. and Germany by the Summer, Swiss Bankers Association Chairman Patrick Odier was cited as saying in an interview with L’Hebdo.
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Patrick Odier, chairman of the Swiss Bankers Association, comments on Wegelin & Co. agreeing to a sale to Switzerland’s Raiffeisen Group, on Switzerland’s tax negotiations with the U.S., bank secrecy laws, new money inflows and capital buffers.
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Patrick Odier, chairman of the Swiss Bankers Association, said an agreement between Switzerland and the U.S. to resolve a dispute over tax evasion by Americans with Swiss banks should be reached “as soon as possible”.
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Patrick Odier, chairman of the Swiss Bankers Association, said an agreement between Switzerland and the U.S. to resolve a dispute over tax evasion by Americans with Swiss banks should be reached “as soon as possible”.
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Swiss banks are under great pressure’’ to conform to tax laws, Neue Zuercher Zeitung reported, citing Swiss Bankers Association Chairman Patrick Odier.
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Switzerland and the U.S. must agree on a tax deal that complies with Swiss law, according to Patrick Odier, chairman of the Swiss Bankers Association.
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