The French division of UBS has been placed under formal investigation by French authorities and been asked to pay a $43.5m bail, UBS said on Friday, in an escalation of a long-running probe into allegations the bank helped clients avoid taxes.
Reuters reports that UBS said it would challenge the investigators' decision.
'After three years of investigation with our full cooperation, we consider there to be no criminal wrongdoing in the file', UBS said in an emailed statement.
'We find it astounding that we are subject to a bail, which we interpret as a penalty'.
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