Reyl’s plan to grow in the US is, as the news service highlighted, a “marked contrast to many other Swiss banks” - a large handful of which have entered non-prosecution agreements and paid fines to settle potential tax-related offenses .

But the bank has “no need to offer any US settlement,” its lawyers told Reuters. In fact, Francois Reyl reportedly said that the bank has already sought an investment and advisory license in the US.

The bank’s target private banking client is a first or second generation cross-border entrepreneur, Francois Reyl reportedly told the news service.

Family Wealth Report has contacted the bank asking for confirmation of these plans and will update in due course.