My List of Category 2 Banks Obtaining NPAs (1/28/16; 1/30/16; 2/7/16)

In developing my statistics on the Category 2 Financial Institutions (Banks) in DOJ's Swiss Bank Program, here, I populated my Excel spreadsheet with the names of banks that indicated they would join or some other source indicated they would join.  I have included the number indicating or indicated that they would join in my statistics.  As of my most recent posting, Final Swiss Bank Achieves NPA Under Swiss Bank Program (1/25/16), here, the number of banks I had was 98.  DOJ Tax said that the original number of banks indicating they would join was around 106.  Since the program started, some of the banks upon further consideration, determined not to participate as Category 2 banks.  The final number indicated in DOJ's press release is 80.  My stats show 81 actually joining (but I think one that I include is participating through a related bank); I have not attempted to to reconcile the banks.  I thought I would list in this blog the banks which joined to obtain NPAs according to my spreadsheet and the banks that I show indicated interest but, finally, did not join.

Category 2 Participating Banks (in Alpabetical Order):

Aargauische Kantonalbank
ARVEST Privatbank AG
Banca Credinvest SA
Banca dello Stato del Cantone Ticino (Banca Stato)
Banca Intermobiliare di Investimenti e Gestioni (Suisse) SA
Bank BSI SA
Bank CIC
Bank Coop AG
Bank EKI Genossenschaft (Bank EKI)
Bank J. Safra Sarasin AG
Bank La Roche & Co AG
Bank Linth LLB AG
Bank Lombard Odier & Co Ltd
Bank Sparhafen Zurich AG (BSZ)
bank zweiplus ag (Bank Zweiplus)
Banque Bonhôte & Cie SA
Banque cantonale du Jura SA
Banque Cantonale du Valais
Banque Cantonale Neuchâteloise (BCN)
Banque Cantonale Vaudoise
Banque Heritage SA
Banque Internationale à Luxembourg (Suisse) SA
Banque Pasche SA
Baumann & Cie, Banquiers
BBVA Suiza S.A.
Berner Kantonalbank AG (BEKB)
BHF-Bank (Schweiz) AG (BHF)
BNP Paribas (Suisse) SA (BNPP)
Bordier & Cie Switzerland
Cornèr Banca SA
Coutts & Co Ltd
Crédit Agricole (Suisse) SA
Credito Privato Commerciale in liquidazione SA (CPC)
Deutsche Bank (Suisse) SA
Dreyfus Sons & Co Ltd, Banquiers
DZ Privatbank (Schweiz) AG
E. Gutzwiller & Cie. Banquiers
Edmond de Rothschild (Lugano) SA
Edmond de Rothschild (Suisse) SA
EFG Bank AG (SEE EFG BANK EUROPEAN - JOINT CAT 2 RESOLUTION)
EFG Bank European Financial Group SA, Geneva
Ersparniskasse Schaffhausen AG (EKS)
Falcon Private Bank AG
Finter Bank Zurich AG
Gonet & Cie
Graubündner Kantonalbank
Habib Bank AG Zurich (HBZ)
HSZH Verwaltungs AG
Hyposwiss Private Bank Genève S.A. (Hyposwiss Geneva)
Hypothekarbank Lenzburg AG (HBL)
IHAG Zürich AG (IHAG)
KBL (Switzerland) Ltd.
LBBW (Schweiz) AG
Leodan Privatbank AG
Luzerner Kantonalbank
Maerki Baumann & Co. AG
MediBank AG
Mercantil Bank (Schweiz) AG
Migros Bank AG (Migros)
Nidwaldner Kantonalbank (NKB)
PBZ Verwaltungs AG
Piquet Galland & Cie SA
PKB Privatbank AG
PostFinance AG
Privatbank Bellerive AG
Privatbank Reichmuth & Co.
Privatbank Von Graffenried AG
Rothschild Bank AG, Zurich
SB Saanen Bank AG
Schaffhauser Kantonalbank (SHKB)
Schroder & Co. Bank AG
Scobag Privatbank AG
Société Générale Private Banking (Lugano-Svizzera)
Société Générale Private Banking (Suisse) SA (SGPB-Suisse)
St. Galler Kantonalbank AG (SGKB)
Standard Chartered Bank (Switzerland) SA, en liquidation
Union Bancaire Privée, UBP SA
Vadian Bank
Valiant Bank AG
Zuger Kantonalbank

The foregoing banks (and related banks) are or will be included on the IRS financial institution list requiring 50% OVDP Miscellaneous Offshore Penalties for U.S. depositors joining OVDP after any bank they used in the 8 year period.

Addendum to Swiss Bank List of Banks Obtaining NPAs (1/30/16):

A reader advised me by email that an entity on the list as originally posted, Finacor SA, is an asset manager rather than a bank qualified under the terms of the DOJ Swiss Bank Program.  That is correct and thus makes my number of banks in the program 1 too many.  So the corrected number is 80 banks achieving NPAs.  In an address yesterday at an ABA Tax Section meeting in Los Angeles, Carline Ciraolo, the Acting Assistant Attorney General, said:

For those who are counting, in the last 10 months, the department executed 78 agreements with 80 banks and imposed more than $1.3 billion in Swiss Bank Program penalties. 

The department also signed a non-prosecution agreement with Finacor, a Swiss asset management firm, reflecting the department's willingness to reach fair and appropriate resolutions with entities that come forward in a timely manner, disclose all relevant information regarding their illegal activities and cooperate fully and completely, including naming the individuals engaged in criminal conduct.

As to Finacor, I included it in ithe original listing because, as I noted in my blog entry, Swiss Asset Manager Settles Up with DOJ Tax (Federal Tax Crimes Blog 10/6/15), here, and the related DOJ press release, here, Finacor had attempted to join under Category 2 but was determined not to be a bank and thus technically disqualified.  Still, the agreement reached with Finacor seems to have paralleled the Category 2 agreements.  Thus the press release says:

[T]he firm is required under today’s agreement to fully comply with the obligations imposed under the terms of that program [Swiss Bank Program].

Hence, in my spreadsheet, I put it under category 2 even though not technically Category 2 and listed it as an asset manager rather than a bank.  However, in aggregating the number of Swiss banks, I only filtered for NPAs and Category 2, thus including Finacor in the aggregate Category 2 number and, in producing the list above, I only filtered by the same criteria, thus including Finacor in the list as originally posted.  I have now revised the filter to also only include banks in the Category 2 aggregate numbers and lists (thus excluding Finacor, an asset manager).  Future postings of the results therefore should be accurate, but I have gone back to only the last blog entry for the final Category 2 resolution to change the aggregate number to 80.  I apologize for wrongly listing Finacor.

Swiss Banks indicating or indicated that they would join as Category 2 but who did not join:

AKB Privatbank Zurich AG
Bank Morgan Stanley AG
Banque Hottinger et Cie. SA
Goldman Sachs Bank AG
Verwaltungs AG, the final Category 2 Bank)
Linth Bank
Lloyds Banking Group Plc
Saanen Bank
Schaffhauser Kantonalbank
Ticino Cantonal Bank
Valiant Holding AG
Walliser Kantonalbank

Note 2/7/16:  This list was modified to delete BSI, Rothschild, Hyposwiss, Saanen and Schaffhauser Kantonalbank (or variations) that did join as category 2 (either directly or through a related or successor corporation).

I would appreciate any corrections or additions either by comment to this blog entry or by email to me at jack@tjtaxlaw.com.

I do note that some of these banks (such as Hyposwiss as inidicated) are probably included in Category 2 participations by related banks.

And, of course, I do not have the list of 106 that DOJ Tax originally used, there are a number of banks which indicated that the would join, did not join, and are unknown to me.