Bloomberg News

Safra, Gonet, Piguet Galland Took U.S. UBS Clients, HZ Reports

February 15, 2012

Feb. 15 (Bloomberg) -- Bank Safra, Gonet & Cie., and Bank Piguet Galland & Cie. SA accepted American clients from UBS AG, Handelzeitung reported, citing unidentified documents.

U.S. clients were only accepted if they declared their money, an unidentified Safra spokesperson told Handelszeitung. Gonet said it demanded self-declarations from clients, the Zurich-based newspaper wrote in a pre-release of a story to be published tomorrow.

Piguet Galland, formerly known as Frank, Galland & Cie, said part of the U.S. business was transfered in 2009 to a U.S.- licensed subsidiary, which could legally accept clients.

To contact the reporter on this story: Carolyn Bandel in Zurich at cbandel@bloomberg.net

To contact the editor responsible for this story: Dylan Griffiths at dgriffiths1@bloomberg.net


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