LONDON–(BUSINESS WIRE)– Having weathered the credit crunch with relative ease, the offshore private banking industry has recently met a very different set of obstacles as a global crackdown on tax evasion has led to heavy pressure being exerted on so called “tax havens.” A.M. Best Co. has therefore assessed what short- or long-term damage may have been done to the creditworthiness of the private banking institutions (PBIs) domiciled in offshore financial centres (OFCs). This report concentrates on four key European jurisdictions: Switzerland, Liechtenstein, Andorra and San Marino.
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A.M. Best Co.
Dean Portelli, +(44) 20 7626 6264
Jim Peavy, +(1) 908-439-2200, ext. 5644
Rachelle Morrow, +(1) 908-439-2200, ext. 5378
Source: A.M. Best Co.