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Make that former Swiss bank: Bank Frey & Co., whose former private-banking chief has been indicted, just can’t make ends meet anymore under all the scrutiny.
Zurich-based Bank Frey & Co AG said in a statement that its shareholders had opted for the bank to cease operations because tighter rules on banks accepting clients from the U.S. and other countries had made regulatory costs unsustainable.
In a statement, the private bank blamed its closure in part on its “tax dispute with the USA.” While Bank Frey hasn’t been charged with any wrongdoing, a former executive with the bank was indicted by the U.S. in April. In its statement, Bank Frey said it is “financially healthy and will not be liquidated….”
The bank’s closure isn’t the first time a Swiss private bank has ceased operations after the U.S. began investigating its operations.