Aandelen Zwitserse regiobanken dalen sterk

Shares in Swiss cantonal banks plummeted on anticipation parliament will approve a bill that would allow Swiss banks to cooperate with U.S. authorities in their bid to catch tax evaders.

Basler Kantonalbank stock declined 8.7 percent, the most since at least 1989, to 86.75 francs at 2:41 p.m. in Zurich. Fellow regional lender St. Galler Kantonalbank (SGKN) was down 3.8 percent at 359.25 francs, its lowest intraday level since Oct. 10, while Banque Cantonale Vaudoise (BCVN) declined 3 percent to 483.25 francs.

The economics committee of the Swiss parliament’s upper house meets today for an initial closed-door hearing on the plan, the details of which have not been made public. Both houses are due to debate the measure in the current session, which runs through June 21.