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Swiss bank UBS has confirmed that it will face trial in France, in a case that could result in a €1.1bn fine for helping rich clients evade tax authorities.

The bank had been losing hope that the matter could be settled, as we reported yesterday.

Now, it says:

UBS AG and UBS France were informed about the decision of the investigative Judges to issue, after a investigation that has lasted for more than five and half years, an Ordonnance de renvoi which sets out the charges for which UBS AG and UBSF will be tried.

We will now have the possibility to respond in detail in a court of law. UBS has made clear that the bank disagrees with the allegations, assumptions and legal interpretations being made. We will continue to strongly defend ourselves and look forward to a fair proceeding.

Copyright The Financial Times Limited 2017. All rights reserved.
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