UBS Accepts Verdict for French Subsidiary

UBS is accepting convictions against its French subsidiary while keeping its legal options open in a tax dispute with French authorities for the group.

UBS will pay a 1.9 million euro ($2.1 million) fine to French authorities. Last week’s French court ruling against Switzerland’s largest bank entailed a guilty conviction over tax offenses and money laundering, a 3.75 million euro fine plus 800 million euros in damages, and a 1 billion euro corporate bail.

While the banking group is appealing against these convictions, it has accepted the verdict against its French subsidiary UBS (France).

In a media statement from December 13, UBS (France) was acquitted of money laundering, but convicted of unlawful client solicitation for which the bank will now pay a 1.9 million euro fine.

The bank highlighted in Monday’s media release that it’s current approach allows it to analyze the situation and weigh its options in the «best interest of its stakeholders,» which means that the group could still withdraw its appeal.