Swiss private banking group Julius Baer will pay the German authorities a one-off €50 million ($72.5 million) to bring to an end their investigations into Julius Baer and unknown employees relating to undeclared assets of persons subject to taxation in Germany

Swiss private banking group Julius Baer will pay the German authorities a one-off €50 million ($72.5 million) to bring to an end their investigations into Julius Baer and unknown employees relating to undeclared assets of persons subject to taxation in Germany.

This payment is to be made with the aim of avoiding “lengthy and for both sides cumbersome legal proceedings”, the bank said in a statement today.

The investigations were prompted by voluntary self-disclosures by German clients and by data acquired and collected by the authorities, the bank added.

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