Reuters reports that Basler Kantonalbank wil pay $42.1 million to settle a German probe into undeclared assets. Katharina Bart, Basler Kantonalbank says to pay 38.6 million euros in German tax probe (Reuters 5/28/15), here.
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.Note that the U.S. DOJ program for Swiss banks does not resolve the matter for the bank employees.
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