The expected settlement between the US and UBS on the disclosure of thousands of offshore accounts could have far-reaching consequences for Switzerland’s attraction as an offshore haven for wealthy clients.

Wegelin & Co, which claims to be the oldest bank in Switzerland, is concerned about the potential legacy of the settlement, but upbeat about its prospects, having increased net inflows of assets in the first half of the year by Sfr2.5bn (€1.64bn) to swell overall managed assets to Sfr23bn.