Swiss banking giant UBS is scrambling to reach a deal with U.S. government officials over alleged illegal activities by its offshore private banking unit in time for its shareholders’ meeting on 2 October, according to The Financial Times.
Reaching a settlement might prove difficult, however, as UBS is stuck between the demands of U.S. regulators for data on its about 19,000 U.S. “offshore” clients and strict Swiss laws on bank secrecy.
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