No evidence has been found by the Swiss Federal Banking Commission that Swissfirst Bank insiders abused confidential information in the bank...

No evidence has been found by the Swiss Federal Banking Commission that Swissfirst Bank insiders abused confidential information in the bank’s merger with Bellevue Holding, although the commission did find shortcomings in management behaviour and may demand profits resulting from the transaction to be returned. But Zurich prosecutors continue to investigate the merger and in a statement, the FBC only said it had reached a decision in the case but will not disclose the details until the decision is final. Swissfirst shareholders also approved proposals to sell its private banking business to Banque Pasche of Geneva and to change strategic direction at an extraordinary meeting in Zug. The company will also create SFr100,000 ($82,000) of authorised capital to help with acquisitions, and an extra SFr100,000 of conditional capital will allow it to offer employee stock options. About 35 per cent of the company's shares are listed on the Swiss stock exchange.