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Tax evasion saga UBS comes to €300 million deal with Germany

UBS said it had come to an agreement with the German authorities

(KEYSTONE/Ennio Leanza)

UBS has reached a settlement with the authorities in Germany over helping clients evade taxes. The Swiss bank will pay €300 million (CHF364.4 million) in the agreement marking another step in the bank’s resolving the problems of its past.

UBS revealed it had settled the investigation in July while reporting its second quarter earnings on Tuesday.

The bank said it had entered CHF120 million ($132 million) in provisions in connection with the German settlement in its second quarter results, where it posted a net profit of CHF792 million.

UBS is one of a number of Swiss banks under investigation by foreign authorities for assisting clients in avoiding taxes by hiding their money in secret Swiss accounts.

Earlier in July, UBS was put under formal investigation by the French authorities and charged with money laundering and tax fraud. A bail amount of €1.1 billion was set.

Although the bank paid a fine of $980 million to the US in 2009 after admitting to helping American citizens dodge taxes, UBS said it is now responding to different questions from the US, this time from the Securities and Exchange Commission regarding its private stock market, known as its dark pool platform.

swissinfo.ch and agencies

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