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UBS Set for Hit of at Least $395 Million After Tax Penalty

  • Bank will need to set aside at least 350 million euros
  • Hit could be up to 1.35 billion euros if it accepts decision
Spy Scandal Leaves UBS Group AG With A Headache
Photographer: Stefan Wermuth/Bloomberg
Updated on

UBS Group AG is facing a fourth-quarter hit of at least 350 million euros ($395 million) related to a French tax case and could see a much bigger impact on profit if it decides not to fight on.

The Paris court of appeals on Monday upheld a 2019 finding that the Swiss bank had illegally laundered funds by providing customers with a range of services to hide assets from tax authorities. It ordered the firm to pay a 1.8 billion-euro penalty, including a confiscation order of 1 billion euros and damages of 800 million euros.