Union Bancaire Privée (“UBP”) has announced that it has reached a non-prosecution agreement (“NPA”) with the US Department of Justice (“DOJ”) as part of its tax regularisation programme. This agreement brings an end to the process that began in 2013 in which UBP filed as a Category 2 bank.
The amount of USD 187,767,000 that UBP will pay to the US authorities will be entirely funded by the provision initially taken and by an allocation of a portion of the Bank’s 2015 net profit.
This resolution has no effect on the Tier 1 ratio of UBP, which remains one of the most well capitalised banks in Switzerland.
Following this transaction, UBP intends to focus entirely on developing its asset management services to private and institutional clients, as well as on its expansion in Asia.