Swiss private bank EFG says will join US tax deal

ZURICH Fri Dec 20, 2013 11:54am EST

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ZURICH Dec 20 (Reuters) - EFG International on Friday became the latest Swiss bank to say it would work with U.S. officials in a crackdown on wealthy Americans evading taxes through hidden offshore accounts.

The Zurich-based bank said it had decided to participate in the scheme - brokered by the Swiss and U.S. governments in August - to make amends for aiding tax evasion, in keeping with recommendations from Swiss regulators.

The program, which requires the firms to hand out some previously hidden information and face penalties of up to 50 percent of assets they managed on behalf of U.S. clients, has already brought a host of banks to come forward.

Separately, EFG said full-year earnings would be hit by 20 million Swiss francs ($22.33 million) in charges as a result of a longstanding legal dispute in Britain. ($1 = 0.8958 Swiss francs) (Reporting By Katharina Bart)

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