Swiss banking group Vontobel has agreed a mutual settlement with the authorities in the German state of North Rhine-Westphalia in connection with untaxed assets held by German clients. It will pay a one-off sum of approximately EUR 13.3 million.
Vontobel, which took out provisions to cover legal and litigation risks in December 2017, said the agreement will not impact financial figures for the current fiscal year.
The mutual agreement with the authorities in North Rhine-Westphalia, which applies to all German states, completes Vontobel’s efforts to "rectify past mistakes", the bank said in a statement..
Vontobel provides wealth management, active management and investment solutions throughout 21 offices worldwide with more than 1,700 employees.