UBS client advisers resume foreign travel

Sun Dec 6, 2009 10:49am EST

* Bankers tested on company guidelines before travelling

* UBS says travel ban was temporary during policy review

ZURICH, Dec 6 (Reuters) - Switzerland's UBS(UBS.N)(UBSN.VX) has lifted a ban on Swiss-based client advisors travelling abroad, provided they agree to stick to company guidelines, Swiss paper NZZ am Sonntag reported.

The bank made the decision in April to stop all staff with client contact in international wealth management from travelling on concerns they could be detained by foreign authorities amid a high-profile tax case in the United States.

A UBS spokeswoman told Reuters the ban had been imposed temporarily while the company reviewed its cross-border policy.

Advisers had been travelling again for some time, provided they had been trained in and tested on the company's guidelines for the individual country they were visiting and had also agreed to comply with these rules.

"We reviewed our whole cross-border policy and during that time people weren't allowed to travel," she said. "Once we had the crossboarder policy, we had to look at each country in turn."

UBS introduced the ban after U.S. authorities detained a senior UBS employee as part of a probe into whether the bank helped U.S. clients evade tax through Swiss bank accounts.

After the probe was launched, UBS said it would discontinue offshore banking and securities services to U.S. residents and stopped client advisers based in Switzerland from travelling to the United States to meet clients.

The bitter tax row culminated in UBS agreeing to hand over the names of about 4,450 clients but the bank could face further legal action from other countries.

A Canadian government minister said last week Canada was prepared to take the bank UBS to court if necessary to compel it to hand over details of Canadians who might be account holders. [ID:nN0248140]

UBS clients have pulled billions out of accounts but the bank does not expect to win back assets from rich clients any time soon as it struggles to rebuild its reputation after the U.S. tax case. [ID:nL2713325] (Reporting by Jason Rhodes; editing by Karen Foster)

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