Swiss bank Reyl seeks US clients despite tensions

Swiss private bank Reyl & Cie is aiming to double its assets under management to over 10 billion Swiss francs ($ 10.2 billion)within five years, partly by targeting US clients turned away by rivals, its chief executive said. Many Swiss financial firms have shed US clients after tensions between US and Switzerland rose following an investigation into 11 Swiss banks including Credit Suisse and Julius Baer. The banks are accused of aiding wealthy Americans to hide funds through hidden Swiss offshore accounts, an ongoing probe that the two governments are negotiating to settle. Several private banks including Reyl and Vontobel are targeting US clients through entities registered with the US regulator. From arabnews