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Rothschild Swiss bank records loss after providing for US tax accord
01/08/2014 , News Team

Rothschild Bank in Zurich is missing its dividend after the company recorded a loss in the wake of its decision to co-operate with the US tax evasion disclosure programme.

The bank made a net loss of SwFr 9.2 million in the year to March after making legal provisions, including charges for the US programme and the UK withholding tax arrangement.

"In the year under review, we have made provisions for all costs anticipated to arise as part of this programme and expect to conclude the matter during the 2014/2015 financial year," the bank's chairman, Baron Eric de Rothschild, said in a letter to shareholders. 

Total client assets increased by 0.7 percent to SwFr 14.3 billion. 

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