A sign in a window of a branch of Frey bank which reads: 'Would the end of of banking secrecy mean the end of Switzerland as a banking centre?' The Swiss banking industry holds an estimated 4,000 billion Swiss Francs (USD 4,240 billion) in assets, more than half of it foreign, including CHF 880 billion in undeclared European assets alone, benefiting from the country's famous banking secrecy laws.