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Bank Frey & Co AG to cease operations


Bank Frey & Co AG has is to cease business activity following an extraordinary general meeting of shareholders held at the request of the bank’s Executive Board.

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. 

In recent months Bank Frey has seen costs and expenditures escalate to such an extent that they are no longer sustainable for a small private bank, especially when it desires to remain competitive in the best interests of its clients. This is due to the increasingly frequent and ever stronger regulation of financial institutions.

Chairman of the Board of Directors Dr Markus A  Frey says: “As a result of developments in recent years, circumstances and challenges have presented themselves, especially in Switzerland, that mean it no longer makes sense for a small bank to continue its cross-border services. Bank Frey will therefore cease its operative business activities as a bank.”

Bank Frey is financially healthy and will not be liquidated. The decision to cease banking activities was taken voluntarily and as a result of an analysis of the overall circumstances.

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