Zuercher Kantonalbank settled the dispute with the U.S. authorities that had dragged out for years. It is one of the last Swiss banks to do so.
Zuercher Kantonalbank (ZKB) and the U.S. Justice Department signed a so-called deferred prosecution agreement, ending a seven-year investigation about the Swiss bank’s dealings with U.S. clients. The bank will pay $98.5 million to the U.S., which won’t however affect this year’s financial result, ZKB said in a statement.
ZKB also said that a current and a retired member of staff, who have been charged in connection with the tax dispute in 2012, will soon see their cases settled as well.
Tax-Compliant Policy
The bank has adjusted its cross-border wealth management business since 2009. It is committed to a strictly tax-compliant business policy and in terms of geographic coverage focuses on selected core markets with an emphasis on Europe.
«We are relieved that after seven years, we were able to conclude the investigation following an objective dialogue with the U.S. authorities,» said Joerg Mueller-Ganz, the chairman of ZKB. «The solution that has now been reached marks the end of this matter and removes any related uncertainties.»
