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Julius Baer expects to pay US$547m to end US tax probe

Thursday, December 31, 2015 - 05:50
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The provision for the settlement will be included in its 2015 results, Julius Baer said. Even so, the bank expects to report a net profit for the year and remains "adequately capitalised".

Geneva

JULIUS Baer Group Ltd, Switzerland's third-largest wealth manager, said that it expects to pay about US$547 million to settle a US investigation into how it helped Americans evade taxes, clearing the way for other Swiss banks to resolve similar criminal probes.

The bank