Swiss bank UBS bars staff from entering France - report

Swiss bank UBS has banned some of its employees from entering France, where the bank is subject to an investigation, Swiss radio and television RTS said on its website today, quoting unnamed sources.

Several dozens of employees of UBS’s wealth management business are not allowed to travel to France, RTS said, adding that employees who do not respect the ban may lose their job. RTS said the bank had told the staff about the travel ban before the Easter weekend and that it was in force until further notice.

UBS spokeswoman Dominique Scheiwiller said the bank did not wish to comment. "There's an investigation under way and we are cooperating with French authorities," she said.

French judicial authorities are investigating UBS over allegations it illegally sold products designed to avoid French taxes.

The bank was put under formal investigation for alleged complicity in suspected illegal sales practices in June last year. UBS said at that time said it would cooperate fully with the authorities.

Reuters