While announcing its yearly results, the Banque Cantonale du Valais (BCVS) its CEO, Pascal Perruchoud confirmed that the bank decided to remain in the US Tax Program in Category 2. The President Jean-Daniel Papilloud said ‘We remain [in the US Tax Program] for reasons of legal certainty’ reports Le Temps. The CEO says that the work is well advanced in the matter and he hopes for a resolution in the coming months.
The profitability of the bank was slightly up on year-on-year despite a difficult context, marked in particular by a significant drop in revenue from interest income. The current year shows a less favorable environment, but the institution relies on continuity.