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As soon as Vontobel Bank has achieved good results for the semester, it creates a serious reputation problem.
The half-yearly figures presented by Vontobel Bank last Friday were quite impressive. Not only was the strong influx of new capital impressive, but also the fact that all sectors contributed to the good result, as well as finews.ch reported.
In this context and given the planned integration of Notenstein acquired La Roche Private Bank should continue its successful course. That's why it's not so surprising that the traditional Zurich home has set itself new goals for equal profitability.
Negatives
And although Vontobel CEO Zeno Staub in his typical way before warned of any exuberance, can still say that he has done a great job in recent years. This is reflected in particular in the considerable development of share prices. Since the beginning of the year 2018, stocks have risen by just over 20%, making Vontobel the most attractive private bank in the country.
It's all the more embarrassing that Vontobel is making headlines. As the "Bild am Sonntag" ( paid the article ) and then reported from other media, if the former patron of VW Martin Winterkorn maintains a bank account with Vontobel. That alone would not be reprehensible. However, because it has obviously avoided taxes in Germany too, the Zurich bank is facing a reputation problem that could take on huge dimensions.
Sensitive US Justice
US Justice Received a Last May A warrant for arrest was issued against Winterkorn, 70, as reported various media. The Department of Justice reports cases of fraud to the former senior manager. He was also "part of a conspiracy" to violate US environmental laws and deceive the authorities. Winterkorn was already familiar with the manipulation of the emissions measures in May 2014, but decided to continue the fraud, according to the 40-page indictment
To what extent these legal implications could have a impact on Vontobel can hardly be estimated at the moment. It is clear, however, that Swiss banks are generally not suitable for US court proceedings, particularly with respect to the suspicion of tax evasion. As history has shown, US authorities are particularly sensitive to such crimes.
Bad for the whole of the industry
However, Vontobel still has a second reputation problem – in Germany. After all, with Winterkorn, this is another suspected German client, according to Uli Hoeness, manager of FC Bayern Munich, of having spent a tax account with the help of a Swiss account. This accumulation is disadvantageous for Vontobel and, ultimately, for the entire Swiss banking sector, which inevitably has the reputation of detaching the rich in tax evasion.
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