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Julius Baer CEO says quite likely bank settles U.S. tax case this year
July 21, 2014 / 8:50 AM / 3 years ago

Julius Baer CEO says quite likely bank settles U.S. tax case this year

ZURICH, July 21 (Reuters) - The chief executive of Swiss private bank Julius Baer said on Monday it was quite likely the bank would reach a settlement before the end of this year in a U.S. criminal probe into the bank’s role in helping wealthy Americans evade taxes.

Larger rival Credit Suisse reached a settlement in a similar case in May and Julius Baer Chief Executive Boris Collardi said this could help unlock negotiations for the other banks involved in a tax probe.

“The probability is certainly quite high that this settlement will take place this year,” Collardi said at a news conference after the publication of the bank’s half-year results.

Collardi also said Julius Baer has the resources to satisfy a possible U.S. fine, without going into specific figures.

Baer has previously said it has not made a provision for any potential fine as it could not adequately estimate the ultimate amount. (Reporting by Joshua Franklin)

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