Bank Sarasin has announced that an employee illegally passed bank data to an external third party. This data concerned currency transactions by the family of Philipp Hildebrand, Chairman of the Swiss National Bank. The employee admitted his criminal misconduct to the Bank today.

The employee, who worked in IT support, said that he disclosed documents relating to the transactions to a lawyer with close links to the Swiss People's Party (Schweizerische Volkspartei, SVP). According to the employee, this lawyer then arranged a meeting with National Councillor Christoph Blocher, which took place on 11 November 2011. The employee presented himself to Zurich Cantonal Police on 1 January 2012.

The employment relationship between Bank Sarasin and the employee has been terminated with immediate effect. Philipp Hildebrand has been personally notified by the Bank. Bank Sarasin is extremely regretful about this incident and has apologized to the client for the considerable unpleasantness caused by the infringement of bank client confidentiality. The Bank condemns the misuse of confidential bank data for political purposes in the strongest possible terms.

Bank Sarasin has informed the Federal Financial Market Supervisory Authority and reserves the right to take legal action. Because of ongoing investigations, no further details can be published at this time.