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.
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.