Oldest Swiss Bank shuts down? Is it the end of super secret banks?

Economic Times reports: The US is liable to have a strong competitor in Switzerland, which, historically, has always been a very stubborn place. Change does not come easily to Switzerland. Women did not begin to get the vote until 1959, and one canton held out until 1990. And as friendly as they are to foreigners' money, the Swiss don't allow them to buy property. Nor can a foreigner become Swiss — or their children, or their children's children.

Despite a decline of foreign holdings from about 3 billion Swiss francs in 2008 to 2.7 billion Swiss francs in 2011, according to the latest data of the Swiss Bankers Association, the Swiss remain committed to secrecy. "Bank secrecy is a golden calf in Switzerland," said Elmer. "This is in state interest to keep that bank secrecy intact." More Insight Economic Times

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