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updated: 10/18/2013 6:28 PM

Swiss private bank Frey closes, blames U.S.

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Associated Press

GENEVA -- A Swiss private bank says it is closing down because of what it calls costly and burdensome rules it needs to follow in the wake of a tax evasion row between Switzerland and the United States.

Bank Frey & Co. AG said its shareholders voted late Thursday to shutter the bank even though it is "financially healthy."

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The exclusive bank is one of 14 Swiss institutions under investigation by U.S. authorities over possible tax evasion by their American clients.

Washington and Bern reached a deal in August that would require Swiss banks to disclose information on U.S. clients and assets. Some would also have to pay a penalty.

Frey had links to Switzerland's oldest private bank, Wegelin & Co., which closed at the start of the year after coming under U.S. pressure.

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