April 14, 2011 | by Bank Julius Bär & Co. AG
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April 14, 2011, With the aim to avoid lengthy and for both sides cumbersome legal proceedings, German authorities and Julius Baer have agreed on a one-time payment by the latter of EUR 50 million. This will end the investigations against Julius Baer and unknown employees regarding undeclared assets of persons who are subject to taxation in Germany.
The investigations were prompted by voluntary self-disclosures of German clients and – as the media reported already last year – by data acquired and collected by authorities.
Following this settlement and, as a consequence, free from allegations, Julius Baer can now continue to fully concentrate on building and further expanding its business with German clients. German clients are served both out of Switzerland and locally in Germany. In addition to its head office in Frankfurt, Bank Julius Bär Europe AG has offices in Munich, Stuttgart, Düsseldorf, Würzburg, Hamburg and Kiel. The Bank successfully acquired substantial net new assets in 2010 and considerably increased the number of relationship managers at the beginning of 2011.
The Interim Management Statement of the Julius Baer Group summarising the business performance during the first four months of the current year will be published as planned on 12 May 2011.
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Conclusion of this article: « Julius Baer avoids possible legal proceedings in Germany »
Source: Bank Julius Bär & Co. AG, Press release