Banque Cantonale Vaudoise has decided to take part in the US-Swiss agreement over tax, choosing to do so as a “category 2” bank where there is some risk that US authorities might find examples of tax evasion by American clients.

St Galler

In its statement on the issue today, St Galler Kantonalbank said: "The Bank expresses its interest in a rapid and definitive settlement. At the same time, St.Galler Kantonalbank is responding to a request of FINMA addressed to all Swiss Banks to participate in the program. This procedure corresponds to a responsible behavior and brings security to clients, business partners, shareholders and employees."

"St Galler Kantonalbank emphasizes that US clients were never in focus of its business policy. Nevertheless SGKB had some US clients, many related to the canton of St Gallen. Investigations have now shown that some of these clients may not have properly fulfilled their tax obligations to the United States," it said.

"SGKB will report its participation in the category 2 no later than 31 December 2013. Subsequently, analyses of client bases and positions will be carried out. No later than 30 June 2014, based on this information, data about the US business will be delivered to the US authorities. This information will not include client data," it continued.

"Based on the information provided, the US Department of Justice will enter into individual negotiations with the bank with the aim to find an amicable solution. The conclusion of these negotiations is expected at the earliest in late 2014," it said.

SGK's subsidiaries are also entering the program under the category 2 classification. "The Boards of Hyposwiss Privatbank Zürich AG and Hyposwiss Private Bank Genève SA have decided separately and independently from St.Galler Kantonalbank to participate in category 2," SGK added.