GENEVA, Nov 21 (Reuters) - 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 Bankers Association.
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 association.
“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,” Margelisch said.
“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)