UBS AG has reached a settlement regarding its previous cross-border business operations in France from 2004 to 2012. The bank will pay a total of EUR835 million, which includes a fine of EUR730 million and EUR105 million in civil damages to the French State.
The resolution follows a 2023 decision by the French Supreme Court, which upheld an earlier ruling by the Paris Court of Appeal. The court had found UBS guilty of unlawful client solicitation and aggravated money laundering. However, the Supreme Court sent the matter of financial penalties and civil damages back to a lower court for reassessment.
In a statement, UBS said: "The resolution of this legacy case is in line with UBS’s intention to resolve such matters in the best interests of all its stakeholders."
UBS confirmed that it has set aside sufficient provisions for this matter.