“Zurich-based Bank Frey & Co., which manages about 2.0 billion Swiss francs (1.6 billion euros, $2.2 billion), said late on Thursday its shareholders had decided to halt operations. ‘The decision stems from the increasingly difficult market conditions, ever-growing regulations and the unsustainable requirements that smaller private banks are required to comply with, in part as a result of the tax dispute with the USA,’ it said in a statement. The bank said it had acted cooperatively within the framework of both Swiss and United States law and intends to continue to do so. A failure to reach a settlement could lead to prosecution as well as being barred from the US financial system.”
http://www.thelocal.ch/20131019/swiss-bank-closes-after-us-tax-probe
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