The Swiss bank has to pay a double-digit million sum to settle allegations that it helped wealthy Germans hide their money in hidden offshore accounts.
The 124-year-old Zurich-based bank will pay the German state of North Rhine-Westphalia 13.3 million euros (roughly 16 million Swiss francs) to settle a long-running probe into helping wealthy Germans dodge taxes with hidden offshore accounts, it said in a statement late on Friday.
Vontobel said the fine, which means it is in the clear with all 16 states in Germany, won't hurt its results this year because it had taken provisions in last year's results. The settlement concludes Vontobel’s efforts to «rectify past mistakes,» the bank said.
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