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Swiss bank fined in France
(MENAFN) Swiss bank UBS was guilty of illegally requiring clients in France and laundering the profits of tax evasion, and was ordered to pay 4.5 billion euros in penalties.
Shares in UBS declined 2 percent, while a lawyer for the bank said it would appeal the ruling.
The penalties, almost equal to the bank's net profit on 2018, included a 3.7 billion euro fine and additional damages of 800 million euros to the French state.
UBS has denied any wrongdoing, and the appeal could see the case drag on for years.
Shares in UBS declined 2 percent, while a lawyer for the bank said it would appeal the ruling.
The penalties, almost equal to the bank's net profit on 2018, included a 3.7 billion euro fine and additional damages of 800 million euros to the French state.
UBS has denied any wrongdoing, and the appeal could see the case drag on for years.
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