UBS reaches settlement in long-standing Credit Suisse case in the Netherlands
The Swiss bank UBS has reached an agreement with the Dutch public prosecutor’s office in connection with a long-standing case involving Credit Suisse and incorrect tax returns. The bank will now pay €5 million (CHF4.7 million) to settle the case, it revealed on Tuesday.
The proceedings centered on an investigation into the former Credit Suisse bank over potential criminal liability in connection with tax returns. Twelve former Dutch clients were implicated between 2005 and 2015.
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UBS, which took over its former rival in 2023, emphasised that the agreement did not constitute an admission of criminal liability. It said it pursued a zero-tolerance policy on tax evasion and regularly updated its guidelines on tax compliance.
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