Bloomberg News

Weber Says UBS Doesn’t Help Clients Hide Income: Handelsblatt

August 16, 2012

UBS AG (UBSN) Chairman Axel Weber said the Swiss bank doesn’t help any clients hide their income from German authorities and doesn’t aid tax evasion, Handelsblatt newspaper reported today, citing an interview with Weber.

The lender is forcing all employees to comply with regulation, Weber said. He hopes a German-Swiss tax deal will be ratified soon, adding that such a measure is “the right way.”

Weber also said the bank isn’t in settlement negotiations on probes into the possible manipulation of interbank offered rates, the newspaper reported. The bank drew “disciplinary and organizational consequences” from an internal probe into Libor, Weber told the newspaper without giving details.

To contact the reporters on this story: Niklas Magnusson in Hamburg at; Elena Logutenkova in Zurich at

To contact the editor responsible for this story: Frank Connelly at

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