ZURICH, Oct 8 (Reuters) - 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 paper.
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 platform. (Reporting by Edward Taylor; Editing by Greg Mahlich)