The wealthiest Egyptians are considering taking money out of the country to ensure their funds aren’t seized if Mubarak goes, and apparently the favoured destination for their assets is Switzerland, Bloomberg reports.
“We’ve been getting inquiries about moving money” from Egypt into Switzerland, a banker at Swiss bank, Arab Bank, said. He says a few clients inquired about transferring 10 to 15 million dollars each out of the country.
Though some of Egypt’s richest have already fled the country, banks have been closed for almost two weeks.
But as soon as they open, Swiss bankers are expecting an exodus of funds. Apparently rich Egyptians, especially those close to Hosni Mubarak, are scared that should he step down, their funds could be in jeopardy.
The bank director told Bloomberg:
“There is a fear but only for a very few people. You are talking about Mubarak, his sons, and Ahmed Ezz, the richest man in Egypt, as well as maybe 10 or 15 of the top businessmen.”
UBS and Credit Suisse wouldn’t comment on possible movements of funds into Switzerland from Egypt.