THE avoidance of tax evasion is not something for private banks to enforce, although banks should be prepared to provide tax-related advice that would benefit clients' overall portfolio performance, says a top executive at Bordier & Cie, a 170-year-old Swiss outfit.
This approach comes as the bank adjusts its relationship-focused strategy to fit the changing regulatory and competitive environment and aims to grow to about S$2 billion in assets under management (AUM) by next year.
"I believe that, in the future, the regulators will look at banks to make sure that they do send statements to clients. Because if they don't, then is the bank an accomplice in tax evasion? Maybe that goes a bit...