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UPDATE 1-Basler Kantonalbank says to pay 38.6 mln euros in German tax probe
May 28, 2015 / 6:17 AM / 2 years ago

UPDATE 1-Basler Kantonalbank says to pay 38.6 mln euros in German tax probe

(Adds comment from Basler Kantonalbank of U.S. tax probe)

ZURICH, May 28 (Reuters) - Swiss regional bank Basler Kantonalbank said on Thursday it will pay 38.6 million euros ($42.1 million) to settle a probe by German officials over undeclared assets in hidden offshore accounts in Switzerland.

Basler said the German fine will reduce its first-half profit to last year’s level of 49.3 million Swiss francs ($52 million) in net profit. The bank reports results on July 23.

The Basel-based lender is the fourth Swiss bank -- after Credit Suisse, Julius Baer and UBS -- to settle similar probes with German officials, which resolves the matter for both the bank and its employees.

Basler, one of a host of local government-backed lenders in Switzerland, is still on the hook in a U.S. probe investigating how Swiss banks helped wealthy Americans dodge or cheat on taxes.

A spokesman for Basler said the bank had no news on the U.S. probe, an investigation which also involves larger rivals Julius Baer and Pictet & Cie and which a U.S. official signalled recently could stretch into next year, but still hoped for a resolution as soon as possible. ($1 = 0.9162 euros) ($1 = 0.9482 Swiss francs) (Reporting by Katharina Bart; Editing by Michael Perry and Michael Shields)

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