In an interview with Finews, Harald Nedwed, Migros CEO, defends the position of the bank accepting retrocessions, and pushing innovations, and comes back on the subject of US clients.
Migros Bank has entered the US Program in Category 2 bank, i.e. the banks that are not already under investigation by the Department of Justice (DoJ) but have reason to believe that they have committed tax-related offenses. Migros CEO confirms that they were part of the 73 banks who wrote to the US Department of Justice (DoJ) in October. The bank was hoping for a resolution of the tax dispute in 2014, it might have to wait a bit longer.
Migros Bank is still able to acquire US clients and have put in place a special process for tax declaration for US customers.