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Special Alerts


SA-74-2003
 November 12, 2003
TO: CHIEF EXECUTIVE OFFICER (also may be of interest to Security Officer)
SUBJECT: Deceptive Claims of FDIC Insurance Coverage
Summary: An entity - Swiss-America (Intercontinental) Bank, Zurich, Switzerland - is falsely representing to potential customers that it is a member of the FDIC.

Please be advised that the Federal Deposit Insurance Corporation (FDIC) was recently notified Swiss-America (Intercontinental) Bank is unlawfully advertising FDIC membership on its documents. Specifically, the documents include the phrase "Member (FDIC)." The FDIC does not insure this entity or any products or services it may offer.

The Swiss Federal Banking Commission (SFBC) does not include Swiss-America on its list of authorized or licensed financial institutions (a bank, security dealer or investment fund). In addition, the SFBC has verified that Swiss-America is not included in any Swiss trade register. Any proposed transactions involving Swiss-America should be viewed with extreme caution. For additional information on Swiss financial institutions, you may contact the SFBC at http://www.ebk.admin.ch/e/.

Any information about this entity may be forwarded to the FDIC's Special Activities Section, 550 17th Street, NW, Room F-4040, Washington, DC 20429, or forwarded electronically to alert@fdic.gov.

For your reference, FDIC Special Alerts may be accessed from the FDIC's Web site at www.fdic.gov/news/news/SpecialAlert/2003/index.html. To learn how to automatically receive FDIC Special Alerts, Financial Institution Letters and other announcements through e-mail, please visit www.fdic.gov/news/news/announcements/index.html.

Michael J. Zamorski
Director

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC Special Alerts may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342, option 5, or (703) 562-2200).

Last Updated 11/12/2003 communications@fdic.gov