Julius Bär bank to pay US $547 million over tax fraud
The Local · 5 Feb 2016, 10:29
Published: 05 Feb 2016 10:29 GMT+01:00
- Julius Bär bank to pay huge fine in US tax probe (30 Dec 15)
- Swiss bank tax evasion fines to US reach $1 bn (26 Dec 15)
- Germans transfer Swiss bank details to Athens (25 Nov 15)
"Being able to close this regrettable legacy issue is an important milestone for Julius Bär," chief executive Boris Collardi said in a statement.
"The settlement ends a long period of uncertainty for us and . . . allows us now to again fully focus on the future and our business activities," he added.
The Zurich-based bank had already fully booked provisions for the fine, which sent its 2015 net profit down by 67 percent to 121.2 million francs ($122 million) last year.
If it hadn't had to book the provision for the US fine, Julius Bär said profits would have grown last year by a fifth to just over 700 million francs.
Julius Bär was among around a dozen Swiss banks placed under criminal investigation by the US Justice Department, including the country's second largest bank Credit Suisse, which was slapped with a $2.8-billion fine.