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Julius Baer bank sees US tax probe settled by end of year

Julius Baer said on Monday it expects to strike a deal with US authorities over a probe into the Swiss bank's role in helping Americans evade taxes by the end of the year. Analysts predict the Zurich-based bank could face a fine of up to $1 billion (740 million euros) as part of a US clampdown on tax evaders, which saw Credit Suisse hit with a 2.6 billion penalty in May.

Chief executive Boris Collardi said there was a "high" probability the bank would settle the case by the end of the year. "We continue to believe that we will find a fair and equitable solution," Collardi told reporters after the bank announced better-than-expected first half results.

Copyright Agence France-Presse, 2014


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