Bank Coop says will participate in U.S. tax probe

Bank Coop (BC.SW) on Wednesday became the latest Swiss bank to say it would work with U.S. officials in a crackdown on wealthy Americans evading taxes through hidden offshore accounts. The program, which lapses at year-end, requires banks to hand out some previously hidden information and face penalties of up to 50 percent of assets they managed on behalf of wealthy Americans. Bank Coop, which is majority-owned by Basler Kantonalbank (BSKP.SW), said it had only a few customers who were based in the United States and whose assets amounted to less than 0.3 percent of its clients’ assets under management.


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