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Offshore private banking model is dead after UBS probe, experts say

Reuters has reported that experts said that the U.S. tax probe against Swiss bank UBS has killed traditional offshore banking and wealth managers will have to improve their offers to survive, bankers and industry.

“The entire offshore banking model seems to be dead,” said Teodoro Cocca, a professor for Wealth and Asset Management at the Johannes Kepler University in Austria.

“Forget bank secrecy and focus on onshore or on tax compliant business,” he told an audience of Swiss private bankers.

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