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Two big banks have 2/3rd of all Swiss money of Indians

It is just two big banks -- UBS and Credit Suisse -- which appear to be accounting for almost two-third of the total money held by Indians in Swiss banking system, known for their famed secrecy walls.

Pak politician drags Deutsche Bank to court for alleged fraud

A former Pakistani minister has dragged Deutsche Bank to court, alleging it defrauded him by first promising them an attractive investment and loan package and later changing the deal.

IT revolution an achilles heel for Swiss bank secrecy

The digital revolution is turning into the achilles heel of Swiss banks, according to security and banking experts quizzed about recent stolen data turning up in the hands of neighbouring countries.

Swiss govt to renegotiate deal with US for giving details

Switzerland will renegotiate its agreement with the US over the issue of handling over account details of wealthy American clients of Swiss bank UBS, media reports have said.

UBS data transfer to US `violated` secrecy laws: Swiss court

A Swiss court ruled on Friday that banking watchdog FINMA violated Swiss laws by authorising the transfer of data of 300 UBS clients to US tax authorities.

Thousands hit by closure of UBS fund: Report

Thousands of UBS clients have been hit by a move by Switzerland`s biggest bank to liquidate a property investment fund worth billions of dollars, Swiss newspaper SonntagsZeitung reported Sunday.

UBS eases international travel restrictions for employees

Swiss banking major UBS has eased travel restrictions on its employees involved in cross-border business activities following a review of its compliance with laws in different countries.

Swiss target Americans who hid 1mn francs at UBS

American clients who each hid more than 1 million Swiss francs in undeclared bank accounts with UBS AG between 2001 and 2008 could have their details turned over to the US government, Swiss officials said Tuesday.

UBS aims $14 bn profit annually in next 3-5 years

Swiss banking major UBS
on Tuesday said it aims to achieve the target of about 15 billion
Swiss francs (around USD 14.7 billion) pre-tax profits per
year over the next three to five years.

UBS targets return to profit, says will take time

UBS boss Oswald Gruebel is targeting an annual pretax profit of 15 billion Swiss francs (USD 14.9 billion) as he aims to put the subprime crisis and a US tax row behind the loss-making bank and win back clients.

UBS fined 8 mn pounds for misusing RNRL account

Swiss bank UBS has been fined eight million pounds in the UK after four of its senior employees
were found misusing funds of customers, including two
companies of Indian industrialist Anil Ambani-led group.

UK agency fines UBS; asks to pay 8 mn pounds

UK`s Financial Services Authority has
imposed a fine of eight million pounds on Swiss banking major
UBS, for failing to stop its employees from carrying out
unauthorised transactions.

UBS posts $552 mn loss for third quarter

Swiss banking giant UBS plunged into further losses of USD 552 million for the third quarter, but said it expected its situation to improve in coming months.

UBS to sell US wealth management unit: Report

UBS chief executive Oswald Gruebel said Paine Webber, the bank`s US wealth management unit, is "non-core" but the bank will not sell at present; the Financial Times quoted him as saying.

Swiss exchange probes UBS over information publishing

Switzerland`s stock exchange is investigating UBS for possible breaches of rules regarding publication of price sensitive information and information on its board, it said on Friday.

Delhi, Mumbai world`s least expensive cities

India’s capital & financial hub have been ranked among the least expensive cities around the world.

More tax probes in other countries likely: UBS Chairman

UBS chairman Kaspar Villiger said in a newspaper interview on Sunday that he could not entirely rule out that some staff at the Swiss bank might have assisted tax fraud in other countries.

Ex-UBS banker turned informant gets 40-month sentence

Bradley Birkenfeld, a key informant in the US tax evasion case against Swiss bank UBS, was sentenced to three years and four months in prison on Friday by a federal court judge in Florida.

Swiss government to sell stake in UBS

The Swiss government will offload its stake in UBS by selling convertible bonds which it had bought as part of the measures to help the banking giant in tiding over the financial turmoil.