PKB Undaunted by Brazil Sting

How does a bank which has just paid a million-franc fine for money-laundering and is linked to a Swiss criminal probe over the «Lava Jato» scandal respond? Not timidly, Ticino-based PBK Private Bank is demonstrating.

Lugano-based PKB Private Bank wants to expand its Latin America activities and will open branches in Argentina and Colombia, the bank confirmed to

The expansion plans are surprising: the Swiss private bank saw 1.3 million Swiss francs in ill-gotten profits clawed back by Swiss financial regulator Finma last week. The alpine nation’s prosecutor is also looking into the bank’s dealings, «Luzerner Zeitung» (in German) reported on Thursday. The Swiss bank maintained dozens of accounts linked to state-backed oil firm Petrobras and to Odebrecht, an engineering conglomerate; both firms are at the center of a massive Brazilian corruption probe. 

Argentine Retreat

The regulatory slam would be reason enough for most private banks to rethink their expansion plans

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