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LOS ANGELES, CA--(Marketwire -06/01/12)- Imperial Capital announced the addition of Thomas Pritchard and Kenneth Morris, who joined the Firm as Managing Directors in the Investment Banking Group based out of the firm's New York office. They will Co-Head Imperial Capital's investment banking practice in the Energy sector. They come to Imperial with deep industry knowledge and expertise in all segments of the Energy Sector: E&P, Oilfield services, midstream, alternative energy and coal.

Mr. Pritchard joins Imperial Capital with over 20 years of financial industry experience. He was most recently the Founding Partner and Chairman of the Board of Pritchard Capital Partners, LLC, a boutique investment bank, focused solely on the Energy sector. He was also a co-founder of Offshore Tool & Energy, an oil service company listed on the London AIM and sold to London Merchant Securities in 2002. Over the course of his career, he has advised numerous companies on critical strategic matters, including mergers and acquisitions and capital markets transactions. His prior experience includes Jefferies & Company, Johnson Rice & Company and Bear Stearns. He began his career at Drexel Burnham Lambert. Mr. Pritchard graduated from Washington & Lee University with a Bachelor's degree in Geology.

Mr. Pritchard commented, "Ken and I are excited about joining Imperial and expanding the opportunities available to our clients in the energy sector. Imperial's expertise across the capital structure is a perfect complement to our deep native understanding and longstanding relationships with key industry players in the Energy business."

Mr. Morris comes to Imperial Capital with a distinguished career in investment banking and wealth of industry knowledge. He was most recently a Partner and Board member of Pritchard Capital Partners, LLC. His over 20 years of experience began on Wall Street as a sell-side Trader at various investment banks, including Arnhold and S. Bleichroeder as a Senior Trader, Schroders, Inc and the Royal Bank of Canada as a Senior Equities Trader and Director of Energy Trading. Mr. Morris received an M.A. in Economics from Rutgers, The State University of New Jersey and a B.S. in Finance and Economics from the University of Delaware.

"Tommy and Ken's experience and Capital Markets expertise are a strong addition to our energy practice," said John E. Mack, III, Executive Vice President and Co-head of Investment Banking at Imperial Capital. "They will add significant depth to Imperial Capital's existing Energy Investment Banking practice."

"The addition of Tommy and Ken is consistent with the overall focus of our firm for growth in sectors of the economy that are active users of capital. In addition to growing our Energy Banking team, Imperial Capital intends to invest in additional sales, trading and research personnel in the Energy business," added Jason Reese, Chairman and CEO of Imperial Capital Group, LLC.

About Imperial Capital, LLC

Imperial Capital, founded in 1997, is a full-service investment banking firm with offices in Los Angeles, New York, San Francisco, Minneapolis, Boston and Chicago. The firm currently employs over 205 professionals and offers a wide range of proprietary products and services to institutional investors, middle market companies, and private equity firms. Imperial Capital provides institutional clients research and sales and trading of high yield and distressed debt securities, bank debt, convertible bonds, preferred stocks, and equities. The firm provides middle market companies and financial sponsors with capital markets, merger and acquisitions, capital structure, restructuring and recapitalization advisory services. More information about Imperial Capital can be found at http://www.imperialcapital.com.

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Thomas Pritchard and Kenneth Morris Join Imperial Capital to Head Its Energy Sector Investment Banking Practice

* Western European assets seen down at 623 bln Sfr by 2014

* Switzerland to remain world's biggest offshore centre, for now

* Singapore, Hong Kong could overtake Swiss in 15-20 years

* Banks need to cut 15,500 jobs to stay profitable

By Emma Thomasson

ZURICH, May 31 (Reuters) - Swiss banks could see assets from western European clients fall 28 percent because of deals to tax undeclared accounts, potentially forcing the industry to cut up to 15,500 jobs to stay profitable, the Boston Consulting Group said.

The BCG predicted in its annual global wealth report on Thursday that western European assets booked in Switzerland could fall 248 billion Swiss francs ($256 billion) to 623 billion by 2014.

"We see a shock in terms of assets from western Europe," Matthias Naumann, BCG Switzerland chief executive, told a news conference. "The Swiss banking landscape is facing its biggest transformation in 250 years."

After mounting criticism of its tradition of bank secrecy, Switzerland has agreed to clamp down on foreign tax evaders who have stashed their wealth in Swiss accounts.

It has signed deals with Austria, Britain and Germany, to levy punitive taxes on undeclared assets held in its banks and a withholding tax on future client income that are due to come into force in 2013. Similar agreements with Greece, Italy and other European countries could follow.

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Tax deals may cost Swiss 248 bln Sfr assets -study

Zimbabwe's central bank lifted Wednesday a ban on the local unit of South Africa's Impala Platinum using local banking services over accusations it used offshore accounts, a company official said.

The Reserve Bank of Zimbabwe (RBZ) imposed the ban on Zimplats last week saying the company continued to put money in offshore accounts.

Zimplats is the local unit of the world's second-largest platinum producer Impala Platinum.

"We confirm that the RBZ has issued a directive permitting Zimplats to access local banking services," Zimplats spokeswoman Busi Chindove said in an email responding to AFP questions.

Zimbabwe directed in March that foreign banks and mining companies should keep their funds in local accounts instead of offshore.

"We are pleased that the RBZ has issued a directive to normalise our access to local banking services and to allow us to export," said Chindove, adding that firm "did not have significant funds offshore" as it is funding expansion projects at its plant.

The government earlier this year threatened to take Zimplats over after it failed to submit a plan to distribute 51 percent of its shares to locals under the country's indigenisation laws.

The company later struck a deal with the government offering to give 10 percent shares to its workers, another 10 percent to a community trust near its mine and 31 percent to the government's Indigenisation and Economic Empowerment Fund.

Under the controversial local ownership law championed by President Robert Mugabe, the government must pay for the shares it receives - something the cash-strapped treasury has not budgeted for this year.

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Zimplats' bank freeze lifted

THE central bank has lifted its ban on Zimplats from using the local banking system after the company complied with an order to shift foreign accounts onshore.

In a statement Wednesday, the RBZ said: Following compliance by Zimplats to close its offshore accounts and transfer these balances onshore in line with the government policy on localisation of offshore accounts, the administrative penalties instituted against the company have been lifted with immediate effect.

The revocation of these administrative penalties follows Zimplats compliance with the Reserve Bank ultimatum to localise all its offshore accounts.

As per exchange control directive . . . Zimplats is now free to use the local banking system for its international and local banking activities.

Last Friday the RBZ ordered local banks to stop processing and facilitating international or any cross-border payments for Zimplats, accusing the company of defying an ordered issued in February for all miners to bank locally.

Zimplats had denied the allegations saying 75 percent of its total spending went through the local banking system, with the balance relating mainly to the servicing of offshore loans which were raised with the knowledge, support and approval of the central bank.

Management however said talks with the central bank were continuing.

Management is working closely with the RBZ to ensure that the localisation of the off-shore bank accounts is implemented smoothly and that the provisions of the companys agreements including its off-shore loans, are honoured, the company said in a statement.

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Zimplats banking ban lifted

RICHARD MEADOWS

The New Zealand sharemarket rose today, following offshore leads across the Tasman and in Asia to shrug off the latest round of bad news out of Europe.

The NZX50 index rose 0.46 per cent, or 16.04 points, to 3,478.29. Within the index, 16 stocks rose and 19 fell. Fisher & Paykel Appliances led gainers, and Rakon fell.

First NZ Capital head of institutional equities James Lee said the Australian market had performed strongly and the wider Asia region was also on the rise.

"We've seen some of the leaders in Aussies turn around from being down one per cent to being up half a per cent, and New Zealand's just followed suit", he said.

The Hong Kong Hang Seng exchange closed 158.87 points higher, or 0.85 per cent, while the Japanese Nikkei was recently up 0.65 per cent.

There was no trading in the United States overnight due to the observation of Memorial Day. However, news that the heavily indebted Spanish government planned to effectively nationalise its third largest lender failed to put a damper on local markets.

"It didn't really affect US/European markets last night either- that'd be the key thing", Lee said. "Until we see it affect the local markets, i.e. the European market, it's not going to really affect our market."

Bluechip stocks Fletcher Building and Telecom were the two main leaders on the day, he said, with no decliners of any real significance.

"A point here and a point there- but most of the market's up on the day."

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NZX follows offshore leads to rise