UBS ready to pay 200 million euros in German tax probe: report

(Reuters) – Swiss bank UBS is prepared to pay a fine of up to 200 million euros ($274.5 million) in an investigation of alleged tax avoidance by the lender’s German clients, a German newspaper reported on Tuesday.

The German authorities originally demanded 300 million euros from UBS, but a compromise of 180-200 million is what the bank is working towards, Sueddeutsche Zeitung reported in its Tuesday edition, citing financial sources in Zurich.

The investigation was launched in 2012 after the purchase of a CD with details of UBS clients by the German state of North Rhine-Westphalia.

Rival lender Credit Suisse paid 150 million euros to settle a similar case.

The paper cited UBS as saying that it was cooperating with the German authorities but didn’t want to comment on a possible settlement.

UBS was not immediately available for comment when contacted by Reuters.

($1 = 0.7285 euros)

Credit: Reuters