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News > World

High-Profile Banks Drawn into Panama Papers Scandal After Leak

  • The company's logo is seen at a branch of Swiss bank UBS in Zurich, Switzerland Feb. 2, 2016.

    The company's logo is seen at a branch of Swiss bank UBS in Zurich, Switzerland Feb. 2, 2016. | Photo: Reuters

Published 9 May 2016
Opinion

UBS, HSBC, Deutsche Bank and Barclays are just some of the banks involved in the latest batch of Panama Papers.

A number of high profile banks were exposed as having links to offshore companies after the International Consortium of Investigative Journalists published a huge database, in connection with the Panama Paper's leak back in April, of people and institutions with business interests overseas, according to the Business Insider, citing the ICIJ.

RELATED:
New Panama Papers Implicate Dozens of Americans

The Swiss investment bank, UBS, was exposed as having 29 units and people linked to offshore entities while one member of staff was confirmed as a director of one of the companies based abroad.

HSBC is said to have interests in 18 offshore entities with 63 of the bank’s master clients and officers involved in foreign companies.

Deutsche Bank’s Hong Kong division has links to 59 offshore entities although the main bank headquartered in Frankfurt, Germany, has no offshore entities attached to it.

The Societe General Bank & Trust’s Singapore branch is said to have ties to 48 offshore entities. The bank's main entity, which is based in France, has no offshore companies associated with it, the Panama Papers show.

Bank Julius Baer & Co., a prestigious Swiss bank, was found to have links to 52 offshore entities.

RBS Coutts Singapore, a bank known for being the bank of many of Britain's oldest families and richest people, has interests in 17 offshore entities. Its main U.K. unit has no offshore entities.

Elsewhere, Standard Chartered Bank is said to have links to 16 offshore entities and Goldman Sachs’ Singapore division was also found to have 24.

The likes of the Credit Suisse Group and the Barclays Private Bank have a handful of business interests abroad too, according to the leak.

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