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Exporting banking secrecy.

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For generations, the world's wealthiest individuals have looked to Switzerland to keep their fortunes safe from the prying eyes of the taxman. Now, according to a recent report in The New York Times, attitudes are changing. As a result of recent bilateral taxation agreements and mounting pressure on Swiss banking secrecy, Singapore and Hong Kong have seen a boom in foreign demand for their banking services. Thanks to favourable taxation and banking legislation, both principalities offer a very real alternative for those looking for opaque banking facilities.

Despite seeing billions wiped from European private-banking assets as customers move their wealth east--far from losing out--Swiss banks are profiting from the trend through their Asian operations. Swiss banking giant UBS is one of the examples cited in the report: The institution has seen around US$ 200 billion worth of Swiss private banking assets withdrawn since 2008--yet its Asian business has cancelled out this effect, taking in more private business than was lost from Swiss operations.

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And it's not only larger banks that recognise the significance of the Asian banking oases...

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