EFG Bank has made a surprise move and opened an office in Lugano, Switzerland, bucking the wider trend of private banks reducing their presence in the region after it suffered heavy outflows of money from the wealthy during last year's tax evasion crackdown.

Lugano, Switzerland's largest Italian-speaking city, is a hub for cross-border banking and has traditionally been considered a tax haven for Italy's wealthy. It was one of the offshore centres hurt most by last year's Italian tax amnesty which saw more than $100bn repatriated from Switzerland back to Italy, according to government figures.