ZURICH--NPB Neue Privat Bank AG, a private asset manager
catering to wealthy clients, confirmed Monday it is being
investigated by the U.S. Justice Department as part of an effort to
track down Americans evading tax obligations.
An outside spokesman said Zurich-based Neue Privat Bank is
cooperating with the U.S. probe in accordance with Swiss law but
declined to offer details. The bank has also consulted with the
Swiss Financial Market Supervisory Authority, the country's
financial regulator, the spokesman said.
A DOJ spokeswoman did not immediately respond to a request for
comment.
The DOJ investigation of Neue Privat Bank comes as part of an
ongoing effort by U.S. authorities to track down undeclared assets
held at Swiss banks by U.S. clients.
The DOJ has aggressively pursued banks suspected of facilitating
tax evasion, and in 2009 Zurich-based UBS AG (UBS) entered into a
deferred prosecution agreement under which the lender admitted
helping U.S. clients avoid taxes. UBS also paid a large fine and
handed over data on thousands of U.S. clients.
The DOJ now is investigating a number of other Swiss banks
including Credit Suisse Group AG (CS) and Julius Baer Group AG
(BAER.VX).
The Swiss and U.S. governments, meanwhile, have been moving
toward a blanket agreement that could resolve remaining issues
between American authorities and banks in the Alpine nation.
Neue Privat Bank, founded in 2001, reported having 1.3 billion
Swiss francs ($1.4 billion) in assets under management as of the
start of last year.
Write to john.letzing@wsj.com
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