Italian officials are knocking on EFG International's door for data on clients the Swiss bank took on when it bought Banca della Svizzera Italiana, or BSI. Switzerland is extending its help.

Italy's «Agenzia delle Entrate», or tax office, asked their Swiss counterpart last November to hand over confidential client data from EFG International. The request relates to Italian clients who banked with Banca della Svizzera Italiana, or BSI, from a very specific 21-month period before the Swiss wealth manager was bought by EFG, according to Swiss newspaper «Handelszeitung» (behind paywall, in German).

Specifically, clients who didn't respond to EFG's efforts to bring undeclared assets to book, nor took part in Italy's efforts to bring its tax cheats and dodgers forward, the outlet reported, from February 23, 2015 and the end of the following year.

Broader Italian Scrutiny

EFG confirmed it has received a request for disclosure from Swiss tax officials for «clients residing in Italy which had a banking relationship with BSI», the bank told the newspaper. The Zurich-based wealth manager said it unfurled a stringent and effective risk and compliance framework on BSI after acquiring the smaller rival four years ago.

Controlled by Greece's wealthy Latsis shipping family, EFG isn't the first Swiss bank to be scrutinized by Italian tax investigators. UBS in May paid 100 million Swiss francs ($100 million) to set aside similar allegations.

Earlier this year, Italian officials sent letters to numerous Swiss banks asking for information on potential tax dodgers and cheats. At least ten of then cooperated with the request.