The cantonal bank of Bern has reached an agreement with German authorities over untaxed assets and will pay compensation of close to one million francs.
Berner Kantonalbank (BEKB) has agreed to pay 900,000 euros ($1.02 million) in compensation in connection with untaxed assets of German clients, according to a joint agreement signed with the justice authorities in the city of Cologne.
The agreement is binding for all states across Germany and will provide clients, shareholders and member of staff of BEKB with the necessary legal certainty, said BEKB in a statement issued on Monday evening.
The agreement won’t have a material impact on the bank’s full-year result. The costs of the agreement are covered by provisions taken.
