“Being able to close this regrettable legacy issue is an important milestone for Julius Bär,” chief executive Boris Collardi said in a statement.
“The settlement ends a long period of uncertainty for us and . . . allows us now to again fully focus on the future and our business activities,” he added.
The Zurich-based bank had already fully booked provisions for the fine, which sent its 2015 net profit down by 67 percent to 121.2 million francs ($122 million) last year.
If it hadn't had to book the provision for the US fine, Julius Bär said profits would have grown last year by a fifth to just over 700 million francs.
Julius Bär was among around a dozen Swiss banks placed under criminal investigation by the US Justice Department, including the country's second largest bank Credit Suisse, which was slapped with a $2.8-billion fine.
JULIUS BAER
Julius Bär bank to pay US $547 million over tax fraud
Swiss private bank Julius Bär said on Friday that it had finalized an agreement with US authorities, paying $547 million to end a criminal investigation into claims that it helped rich Americans dodge taxes.
Published: 5 February 2016 10:29 CET
Photo: Fabrice Coffrini/AFP
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