Today Deutsche Bank (Schweiz) SA announced its participation in the US Program.

The Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks intends to settle a dispute between Swiss Banks and the United States of America linked to tax evasion of US-related accounts held in Swiss Banks. It is mostly addressed to bank who believe they might have breach US laws and are not already under investigation by the US Department of Justice (DoJ).

US clients at Deutsche Bank are not numerous according to sources quoted by the WSJ and are believed to have been inherited through acquisitions of Rüd, Blass & Cie AG in 2003, and in 2009, it bought German lender Sal. Oppenheim Jr & Cie. S.C.A., which had a Swiss office.

Further media Reporting:

Reuters

CASH

Finanz und Wirtschaft