BANKING

UBS to name 5,000 accounts

08-17-2009 | REUTERS

Panama Star Another Swiss weekly, Sonntag, said around 4,500 names would be handed over.

The landmark deal, ending a dispute in which the U.S. tax authorities had sued UBS to disclose 52,000 U.S. clients suspected of tax evasion, dispels a big cloud hanging over the world's second biggest wealth manager.

It also formally leaves Switzerland's cherished banking secrecy intact, although many Swiss private bankers say it has been badly damaged.

NZZ am Sonntag, citing its own researches and reports in the U.S. press, said the deal would be based on the existing U.S.-Swiss double taxation agreement of 1996, and therefore not require any changes to Swiss law.