Breakingviews - UBS’s French tax defeat tastes surprisingly sweet
. In its ruling, the court found the $66 billion Swiss bank guilty of illegally soliciting banking services and money laundering. It’s a reputational blow, and could encourage other countries to follow suit. Still, the fine is some 60% lower than the 4.5 billion euros UBS risked paying after aThe smaller penalty offers new Chief Executive Ralph Hamers, who joined the bank almost a decade after the contested activities ended, the chance to be more generous to investors.
After accounting for provisions, the fine should still leave UBS with a capital buffer of some $4.2 billion before it hits its minimum common equity Tier 1 threshold of 13% of risk-weighted assets, Breakingviews calculations show. Even after factoring in $1.8 billion for completing an existing share buyback programme, the Swiss bank would still have more than $2 billion of spare cash. With net profit expected to surpass $6.5 billion next year, Hamers can afford to loosen the purse strings.
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