GENEVA: The elite of Swiss private banks on Tuesday begin lifting the veil on their books after a radical shift in their business model, amid tougher international regulations and crackdowns on tax dodgers.

Geneva’s Bank Pictet broke with a 209-year-old tradition of keeping its accounts under wraps, announcing a six-month profit of 203 million Swiss francs.

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Operating income was 975m francs, operating profit 247.2m, and assets under management 404 billion francs.

Published in Dawn, August 27th, 2014