The Handelszeitung reports that after 2 years of loss-making IDB is considering closing its operations in Switzerland. The background to this is stricter rules and capital requirements in Switzerland and in Israel, the tax dispute with the USA and all the increased costs. IDB is only a small player with assets under management of around $54m.
This would be the 2nd Israeli bank to be impacted. Julius Baer acquired CHF 7bn of Bank Leumi’s assets back in July. The Leumi Private Bank based in Zurich is one of the so called 14 category 1 banks.