UBS has reached a settlement with the Dutch Public Prosecution Service regarding a legacy matter originating from Credit Suisse, the Swiss bank said on Tuesday.
Under the agreement, UBS will pay €5 million to resolve the proceedings. The case concerned an investigation into the former Credit Suisse over possible criminal liability linked to incorrect tax declarations filed by twelve former Dutch customers between 2005 and 2015.
In its announcement, UBS stated that the settlement does not constitute an admission of criminal responsibility.
The resolution closes a long-standing probe into tax compliance practices at what was formerly Credit Suisse, which UBS acquired in 2023. The bank agreed to the payment without contesting liability.
