BCV has decided to participate in the US Department of Justice (DoJ) program concerning the US-Swiss tax dispute and will do so as a category 2 financial institution. This will not affect the Bank’s distribution policy.
Owing to its market position in the Lake Geneva region – a highly international area – BCV has clients who are considered to be US Persons. Most are Swiss people living in the USA, Americans living in the Canton of Vaud, or dual citizens. As previously announced, US Persons have never been a target market for BCV, and BCV has never conducted business or client acquisition activities on US soil.
In response to appeals by the Swiss authorities and committed to resolving the tax dispute, BCV has decided to participate in the DoJ program.
Over the past few months, BCV has been carrying out an extensive review of its business practices. The Bank is convinced that its handling of US clients has been in line with Swiss laws and regulations. Moreover, BCV has never had a policy aimed at facilitating non-compliance by US Persons with their tax obligations. Given the uncertainty as to exactly what actions the DoJ will target as being non-compliant with US law, BCV cannot determine with certainty whether the US authorities will find fault with BCV’s handling of US clients. As a result, and in keeping with the Bank’s sound approach to risk management, BCV has decided to participate in the program, for the time being as a category 2 financial institution.
BCV is facing this process with confidence and intends to cooperate fully with the US authorities in order to present its case and resolve the tax dispute. The Bank’s distribution policy will not be affected by the DoJ program.
BCV’s subsidiary Piguet Galland & Cie SA has also opted to take part in the program as a category 2 financial institution.
Lausanne, 16 December 2013
Phone +41 (0)21 212 22 51
Gregory Duong, Investor Relations Officer
Phone + 41 21 212 20 71
This press release is being issued outside the trading hours of the SIX, Swiss Exchange in order to comply with the principles of ad hoc disclosure pursuant to the SIX listing rules.
The above text is a translation of the original French document; only the French version is authoritative.