Basler Kantonalbank says to pay 38.6 mln euros in German tax probe (updated)

Basler Kantonalbank

28/05/2015 07:14

(Adds comment from Basler Kantonalbank of U.S. tax probe) 
    ZURICH, May 28 (Reuters) - Swiss regional bank Basler 
Kantonalbank  BSKP.S  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  CSGN.VX , Julius Baer  BAER.VX  and UBS  UBSG.VX  
-- 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  BAER.VX  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.  ID:nL5N0YB4LT  
($1 = 0.9162 euros) 
($1 = 0.9482 Swiss francs) 
 
 (Reporting by Katharina Bart; Editing by Michael Perry and 
Michael Shields) 
 ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;)) 
 
Keywords: SWISS TAX/BASLER KANTONALBANK