ZURICH Oct 8 Swiss bank Julius Baer expects
there to be "hardly any" untaxed German funds sitting in its
Swiss accounts by the end of this year, Chief Executive Boris
Collardi told Swiss paper Finanz und Wirtschaft.
German clients with undeclared funds are being told by the
bank to come clean with their tax authorities, a push which is
also underway with French clients, Collardi told the paper.
Switzerland's tax deals with Austria and the UK, as well as
efforts to strike a deal with Italy will help Julius Baer clean
up its books.
"If this happens, we will have solved the problem of untaxed
funds by 2015 as far as Europe is concerned," Collardi told the
Julius Baer has also made significant progress in talks with
the U.S. authorities over client tax issues and remains
confident it can strike a deal, Collardi said.
The Swiss banker also told the paper he was not interested
in buying Credit Suisse's retail banking operations in
Germany and that Julius Baer intends to invest hundreds of
millions of Swiss francs in a new information technology
(Reporting by Edward Taylor; Editing by Greg Mahlich)