February 9, 2018 / 5:30 PM / 8 months ago

Vontobel must pay 13.3 million euros over untaxed German assets

ZURICH (Reuters) - Vontobel (VONN.S) must pay 13.3 million euros (11.65 million pounds) in a deal with German authorities over untaxed assets, an agreement the Swiss private bank said on Friday completes its efforts to rectify past mistakes.

Logo of Swiss bank Vontobel is seen at its headquarters in Zurich, Switzerland October 11, 2017. REUTERS/Arnd Wiegmann

The pact was struck with the German state of North Rhine-Westphalia in connection with untaxed assets held by German clients. It applies to all German states, the Swiss bank said.

Vontobel, which took out provisions in December 2017 to cover its legal risks in the case, said the agreement will not impact financial figures for the current fiscal year.

Reporting by John Miller, editing by John Revill

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