No longer so secret, Swiss banks look to expand after purge

Switzerland's private banks are close to ridding themselves of undeclared European accounts, a salutary process but one which has undermined efforts to grow their businesses. Following the financial crisis, cash-strapped governments chased accounts hidden at banks in Zurich, Geneva and Ticino where wealthy Europeans had taken advantage of Switzerland's famous bank secrecy rules. Stunned by arrests of high-profile clients for tax evasion, large numbers of European citizens have joined voluntary disclosure program and pulled cash from Swiss banks to pay penalties and clear back taxes.

No longer so secret, Swiss banks look to expand after purge source: http://finance.yahoo.com/news/no-longer-secret-swiss-banks-163437426.html