Switzerland's biggest bank, UBS, on Friday reported a nearly $400 million b...
FILE PHOTO: The logo of Swiss bank UBS is seen in St. Moritz, Switzerland, February 10, 2017. REUTERS/Stefano Rellandini/File Photo
UBS, which is appealing against the decision and has said it expects an appeals court to “correct the mistakes” of the prior ruling, has now set aside a total 450 million euros to address the charges of illicitly soliciting cross-border clients and laundering the proceeds of tax fraud. “That said, we still believe the verdict should be reversed, at which time we would release the provision.”
The appeals process is expected to take years, and could see the bank and prosecutors go through at least two more verdicts.
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