Julius Baer earmarks $200m in additional provisions for U.S. tax case

Tax

Swiss private bank Julius Baer said it has set aside nearly $200m in additional provisions to settle a U.S. criminal investigation that it helped wealthy American clients dodge taxes.

Reuters reports that Baer said it had reached an agreement in principle with the U.S. Attorney's Office for the Southern District of New York regarding the financial component of the case, drawing a line under one of the biggest uncertainties facing the bank.

The new provision brings the total amount earmarked to cover potential penalties in the case to $547.25m which the bank said will be charged to its 2015 full-year results.

Baer said in a statement that it still expects to post a net profit for the current financial year.

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Julius Baer earmarks extra $200 million provisions to resolve U.S. tax case

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