Swiss private bank Julius Bär has agreed to pay €50 million (SFr65 million) to German authorities to settle a tax evasion dispute.
German tax authorities initiated their investigation into undeclared assets subject to taxation following voluntary disclosures by the clients concerned and other information they had collected, the bank said in a statement on Thursday.
The one-off payment was agreed by both sides to avoid lengthy legal proceedings, Julius Bär said.
“This will end the investigations against Julius Baer and unknown employees regarding undeclared assets of persons who are subject to taxation in Germany,” the bank said.
In compliance with the JTI standards