Wegelin & Company agreed to a sale to Switzerland’s Raiffeisen Group after coming under investigation in the U.S. for allegedly helping Americans evade taxes. The US branch of the 270-year-old Swiss private bank will remain with current partners, St. Gallen, Wegelin said today. Wegelin said earlier this month that three bankers were charged with conspiring to help U.S. clients hide more than $1.2 billion from American tax authorities. Wegelin, which describes itself as the oldest Swiss bank, didn’t disclose their sale price.
