UBS's French unit has boosted revenue by 10% in the first half as it returns to profit, and is cooperating with legal authorities who penalized the bank for failing to prevent tax fraud, according to its top executive.
Bloomberg News reports that the unit, which was fined $13m for deficient controls Wednesday, has more than $11.7bn under management from wealthy clients, up from about $10.4bn a year ago, Jean-Frederic de Leusse, UBS France’s chief executive officer, said in an interview in Paris.
Asked about the fine, he said he understands 'neither the scope nor some of the reasoning behind this decision'.
'We are cooperating in full transparency with the judges', said de Leusse, who became the head of UBS France last year. 'It’s in the bank’s interests to clarify this situation as fast as possible'.
De Leusse said French clients opening accounts at UBS in Switzerland since the middle of 2012 have been required to prove they’re compliant with their nation’s tax laws, and longer-standing clients have been requested to provide such proof since the start of this year.
Hit the link below to access the complete Bloomberg article: