Hmmm, is there more to it than just getting the USC’s? And now what happens to the USC’s who switched to Wegelin from UBS?
excerpts of interest:
To avoid risks of legal “contamination” from Wegelin’s problems in the U.S., where three of its Switzerland-based private bankers were this month indicted by the U.S. authorities, Raiffeisen is not buying any of the latter’s U.S.-related business.
In a complex deal, Wegelin, founded in 1741 and controlled by eight partners who have the risk of personal liability, has transferred all its non-U.S. activities to a formerly passive sub-brand, Notenstein Privatbank. The latter has in turn been sold to Raiffeisen, where it will form a standalone subsidiary.
Wegelin’s problems arose from the revelation that – like a handful of other Swiss banks – it had, from roughly 2008, taken the ill-judged step to welcome former U.S. offshore customers of UBS AG
Many such clients were desperate to establish a new Swiss banking relationship once UBS decided to close its Swiss-based offshore private banking operations for rich Americans after a legal battle with the U.S. authorities, which ended with a $780-million settlement and the disclosure of almost 5,000 U.S. client names.