Account disclosure by Swiss banks will help others: ICICI Bank

The crack in the secrecy shield of Swiss banks — known for fiercely guarding the identity of customers — will help banks across the world, feels ICICI Bank CEO and Managing Director Chanda Kochhar.

Asked about top Swiss bank UBS AG, reeling under criticism for sheltering American tax evaders, agreeing to US government's demand for disclosure, Kochhar generally hedged queries saying Indian banks were not in that kind of business.

"Why us... In a general term it will help bankers in all countries," she told PTI to a question on whether the Indian banking system would benefit because of the cracks in the secrecy shield of the Swiss banking system.

 

The United States' Internal Revenue Service reached an understanding with the Swiss government under which it was agreed UBS AG would turn over the identity of 4,450 account holders, who Washington suspects of stashing away billions of dollars to evade taxes.