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

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".


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...