Julius Baer first-half profit slides following US charge

[ZURICH] Julius Baer said on Monday first-half net profit slid after a US$350 million charge towards an expected settlement in a US criminal investigation into how the Swiss bank helped wealthy Americans dodge taxes. "The financial results were impacted by the recently announced US provision, and Julius Baer will continue to work toward closing this regrettable legacy issue as soon as possible," the Zurich-based bank's Chief Executive Boris Collardi said in a statement.

The private bank's net profit shrank to 39 million Swiss francs (S$55.6 million) from 178.3 million francs year ago.

Julius Baer also said it will buy a 40 per cent stake in Mexican financial adviser NSC Asesores for an undisclosed price, to bolster its Latin American activities.

REUTERS