Private Banks Open Up To New Era Of Transparency

Private Banks Open Up To New Era Of Transparency by Matthew Allen, swissinfo.ch

George Washington was President of the United States when Lombard Odier was established in 1796, but Uncle Sam’s recent prosecution of tax evaders has forced this notoriously discreet institution to also open its books to public gaze this week in an overt show of transparency.

Both institutions have also changed their corporate structure to limit the personal liability of partners – a once-vital calling card of trust and stability – along with Mirabaud and La Roche.

In fact, the entire Swiss private banking sector has been swept along by a tide of change, powered by the financial crisis, plunging stock markets, rock bottom interest rates and the global...