Swiss bank Wegelin to close after US tax evasion fine [View all]
Source: BBC News
4 January 2013 Last updated at 00:17 ET
Swiss bank Wegelin to close after US tax evasion fine
Switzerland's oldest bank is to close permanently after pleading guilty in a New York court to helping Americans evade their taxes.
Wegelin, which was established in 1741, has also agreed to pay $57.8m (£36m; 44m euros) in fines to US authorities.
It said that once this was completed, it "will cease to operate as a bank".
The bank had admitted to allowing more than 100 American citizens to hide $1.2bn from the Internal Revenue Service for almost 10 years.
Wegelin, based in the small Swiss town of St Gallen, started in business 35 years before the US declaration of independence.
Read more: http://www.bbc.co.uk/news/business-20907359
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