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UBS to Pay as Much as $275 Million in German Tax Probe, SZ Says

UBS AG (UBSN), the biggest Swiss bank, is willing to pay as much as 200 million euros ($275 million) to settle a probe into whether it helped Germans evade taxes, Sueddeutsche Zeitung reported.

German authorities originally sought 300 million euros from Zurich-based UBS, Sueddeutsche said today, without saying where it got the information.

German authorities have been investigating UBS Deutschland AG, as well as its parent and certain employees of UBS, the bank said in its fourth-quarter earnings report this month. The company has been in settlement talks over one of the probes, it said.

“UBS continues to cooperate closely with the authorities,” the bank said in an e-mailed statement today. “We do not comment on the speculation about a potential settlement.”

Bernd Bieniossek, a spokesman for prosecutors in the German city of Bochum, declined to comment as the probe is still pending.

UBS is among several Swiss banks under investigation in Germany for helping its citizens evade taxes. Credit Suisse Group AG (CSGN) and Julius Baer Group Ltd. (BAER) settled in 2011 for 150 million euros and 50 million euros respectively.

To contact the reporter on this story: Jeffrey Vögeli in Zurich at jvogeli@bloomberg.net

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

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