GENEVA Nov 21 Swiss banks have not seen foreign
clients switching their funds as the banks come under pressure
from other countries to help hunt down tax evaders, their
industry association said on Wednesday.
"We have not seen any significant outflows of funds from
Switzerland to Singapore, for example, as was often predicted,"
said Claude-Alain Margelisch, chief executive of the Swiss
UBS has long denied it advised wealthy Germans to
move funds to Singapore and other money centres ahead of a
potential bilateral tax deal between Switzerland and Germany
which would come into force in January if approved.
"Over the past 12 months, according to our surveys, only
around 0.4 percent of German assets have flowed into non-EU
countries," Margelisch told the Swiss foreign correspondents
"More than half of (all) the assets under management (in
Switzerland) belong to foreign clients ... there was no
noticeable shift of foreign client money to other countries,"
"Looking at the euro zone, we should also not forget the
Swiss financial market is especialy attractive for investors
looking for security," he said.
(Reporting by Stephanie Nebehay; Editing by Greg Mahlich)