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But from what we have seen and heard, this interest has not been followed for the time being by significant moves.

Italy's not an easy market. Why are Italian clients attractive for Swiss private banks?

The pleasure to meet Italian clients! Besides its public debt, Italy is a rich country and the northern part of the country is one of the richest regions of Europe. Its network of privately owned small and mid-sized companies is envied by everybody.

Italian tax investigators have reportedly singled out PKB – as well as UBS – as examples of its crackdown. 

For the Italian tax authorities, the only fact of having offered banking and investment services, in full adherence with applicable cross border rules, to customers living in Italy is equivalent, for a foreign institution, to have had de facto a permanent establishment in the country.

«After PKB and UBS, it will be other banks' turn»

This implies the obligation to fill a tax declaration for the revenues generated by such an activity. Seen from abroad, things appear different. Due to the ongoing investigation, you will understand that we cannot comment in the details.

But Italian officials have contacted PKB?

We can say that we are openly discussing this issue with the Italian authorities in order to find a solution. According to the Italian media, after UBS and PKB, it will be the turn of some 200 other foreign financial institutions.

Italian-Swiss citizen Umberto Trabaldo Togna has been CEO of PKB Private Bank Group AG since 2005, and with the company since 1985. The 58-year-old will move to the chairman's seat at the Swiss-based firm next year. PKB last week named Luca Venturini, who currently runs Julius Baer's business in Italy, as Trabaldo's successor. Founded in 1958 as Privat Kredit Bank AG in Zurich, PKB relocated to Lugano nearly 20 years ago. The bank, which manages roughly $13  billion in assets, operates subsidiaries in Italy and Panama.