Heard on the street: Collapse of banking secrecy sees Swiss banks fall out of favour with Philippines clients

30 November 2012 | 2 minutes read

“Clients in the Philippines have mostly used offshore Swiss banks since the 1960s for the benefits of banking secrecy policies,” says a market head at a Hong Kong-based private bank. “But since the crackdown on the issue in recent years, both internationally and domestically, the fortress is being pulled down and clients are looking for other differentiators.” Since the election…

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