Bloomberg News

Julius Baer Says Bank Hasn’t Decided on U.S. Tax Probe Provision

November 04, 2011

Nov. 1 (Bloomberg) -- Julius Baer Group Ltd., the largest publicly traded private bank in Switzerland, said it hasn’t decided whether it will book a provision for litigation regarding the conclusion of a tax dispute with the U.S.

The impact of a potential settlement “is currently not reliably assessable,” Jan Vonder Muehll, a spokesman for the Zurich-based bank, said today by phone.

Credit Suisse Group AG, the nation’s second-biggest bank, today said it made 295 million Swiss francs ($333 million) of litigation provisions for a tax settlement in the U.S.

Credit Suisse said in July that it was the target of U.S. prosecutors. Eight of the firm’s bankers were charged with conspiring to help U.S. clients evade taxes through secret accounts.

Two Baer bankers were indicted in October, accused of conspiring with American clients and others at the bank to hide millions in assets from the Internal Revenue Service, according to the indictment in a New York federal court.

--Editor: Randall Hackley

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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