The break-up of Switzerland's oldest bank Wegelin on Friday shows the need to settle a dispute with U.S. authorities over tax cheats hiding cash in secret Swiss accounts, the finance minister said on Saturday.

"It is very regrettable," Eveline Widmer-Schlumpf told journalists at the World Economic Forum of the decision by Wegelin to break itself up in the face of possible indictment on charges the bank helped wealthy Americans to evade taxes.

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