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Swiss bank Wegelin to close after US tax evasion fine

4 January 2013 Last updated at 11:32 GMT

Switzerland's oldest bank is to close permanently after pleading guilty in a New York court to helping Americans evade their taxes.

Wegelin, which was established in 1741, has also agreed to pay $57.8m (£36m; 44m euros) in fines to US authorities.

It said that once this was completed, it "will cease to operate as a bank".

Justin Urquhart-Stewart from Seven Investment Management told BBC News that the move was significant and indicated that Swiss banking is "fundamentally having to open up".