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The details that have been shared include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.
The decline in aggregate funds of Indian clients with Swiss banks, from a 14-year-high of CHF 3.83 billion in 2021, follows two consecutive years of increase and was largely driven by a sharp plunge of nearly 34 per cent in customer deposit accounts from a seven-year high.
The Swiss bank announced the closing of the deal in an open letter in local and international newspapers on Monday. The takeover of Credit Suisse ends the lender’s 167-year independent existence.
UBS was under pressure from the Swiss authorities to carry out a takeover of its local rival to get the crisis under control. The plan could see Credit Suisse's Swiss business spun off
US financial giant BlackRock said it had no plans or interest in a rival bid for Credit Suisse, reports have suggested that the Deutsche Bank was looking at the possibility of buying some of the bank's assets.
Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the weekend to assess strategic scenarios for the bank
Early signs of a return to calm and stability faded after Credit Suisse's largest investor said it could not provide the Swiss bank with more financial assistance, sending its shares and other European equities sliding.
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French media have reported that Credit Suisse representatives courted wealthy French customers to persuade them to open accounts with the bank that werent declared to French tax authorities.
Officials said the new details shared with India pertain to ”hundreds of financial accounts”, including many cases of multiple accounts associated with some individuals, corporates and trusts.
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Annual data from Switzerland's central bank showed that funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021.
The Federal Tax Administration (FTA) in a statement on Monday said that the exchange of information this year involved 10 more countries -- Antigua and Barbuda, Azerbaijan, Dominica, Ghana, Lebanon, Macau, Pakistan, Qatar, Samoa and Vauatu.
India was placed at 51st place, ahead of countries like New Zealand, Norway, Sweden, Denmark, Hungary, Mauritius, Pakistan, Bangladesh and Sri Lanka in terms of foreign clients' money in Swiss banks.
Credit Suisse didn't identify the significant hedge fund or the other banks affected, or give other details of what happened. News reports identified the hedge fund as New York-based Archegos Capital Management.
Zurich-based Julius Baer said the agreement sees the bank "entering into a three-year deferred prosecution agreement” and financial settlement to be charged against its accounts for 2020.
Regulatory and government officials said the special focus of the analysis of the Swiss bank data could be on identifying people with political links.
Switzerland has been striving hard for the past few years to shed a long-standing perception of it being a safe haven for black money, while the issue has been a politically sensitive one in India as well.
Last month, interim Finance Minister Piyush Goyal had told the Rajya Sabha that Indian deposits had fallen by 34.5 percent in 2017 alone and by 80 percent since the Narendra Modi government came to power in 2014.
The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are official figures disclosed by Swiss authorities.
The Swiss bank joins rivals in making investment banking cost cuts in Asia as deal volumes remain sluggish. The latest round of job cuts at UBS will be mostly mid-level staff but will also include a few managing directors, said the sources, who declined to be identified due to the sensitivity of the issue.
They will not share details about accounts held prior to that period, while the first such exchange will happen in September 2019.
