UBS sets aside 450m euros for French tax case – Business News

ZURICH: Switzerland’s biggest bank, UBS, on Friday reported a nearly $400 million boost to its litigation provisions after a French court slapped it with a 4.5 billion euro ($5.09 billion) penalty last month.

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 ($516 million) to address the charges of illicitly soliciting cross-border clients and laundering the proceeds of tax fraud.

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