Geneva - HSBC Private Bank in Geneva last year reportedly sent out a note informing managers that they should request permission from clients investing in regulated markets, and alert them to having to waive Switzerland's banking secrecy provisions. The Geneva-based Le Temps newspaper reported on the note Friday, saying it was dated September 2008.
In a number of countries where rules demand investor disclosure, the note said, the private bank's goal was to obtain the prior consent of clients to give up on banking secrecy before making investments.
The paper revealed earlier this week a similar letter from Credit Suisse regarding clients holding French securities.
The revelations come as Switzerland is in the process of renegotiating its double-taxation agreement with various countries, including France and the United States.
The new deals will bring about large changes to the currently strict Swiss banking secrecy laws.
