This Is How Swiss Banks Plan To Woo Rich Clients

Bangalore: As Swiss banks lose their secrecy tag, some bankers here are coming up with innovative ideas to lure rich clients from India and other countries by providing services like 'cash courier' as well as by offering large metal vaults to store currency notes, gold, artworks and other valuables.

Also on the platter is advice to put money in virtual currencies, especially in the wake of Bitcoin ATMs becoming operational in Zurich.

As hundreds of world's rich congregate for the World Economic Forum Annual Meeting in the Swiss Alpine resort town of Davos, many of them have also scheduled meetings with Swiss bankers to devise new strategy for their hidden wealth.

Many bankers admitted, on condition of anonymity, that such meetings are scheduled to be held on the sidelines of WEF summit in Davos, as also in Zurich over this week. The meetings include those with representatives of their Indian clients as well.

While representatives from the large banks said they are advising their clients about potential risks associated with keeping their hidden wealth here, those associated with many smaller banks claimed risks are relatively lesser when using the services of cash vaults, which however come with a higher price tag in terms of service fees, maintenance charges and rentals.

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