Fwd: Tr. Julius Baer to take preliminary provision of USD 350 million for its eventual settlement with the U.S. Department of Justice regarding its legacy U.S. cross-border business
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Julius Baer Group Ltd.
Julius Baer to take preliminary provision of USD 350 million for its eventual settlement with the U.S. Department of Justice regarding its legacy U.S. cross-border business
Today, Julius Baer has announced its decision to take a preliminary provision of USD 350 million for its eventual settlement with the U.S. Department of Justice (Dal) regarding its legacy U.S. cross-border business.
Zurich, 23 June 2015 — The decision to take a preliminary provision at this time is the result of Julius Baer's recent discussions with the DOJ regarding its eventual, comprehensive and final settlement of the DOJ's investigation of Julius Baer's legacy U.S. cross-border business. These settlement discussions have now sufficiently advanced to enable Julius Baer to make a preliminary assessment of a probable and approximate amount required to reach a settlement with the DOJ.
The preliminary provision of USD 350 million will be charged to the 2015 half-year results. If the amount had been provisioned at the end of April 2015, the Group's BIS total capital ratio would have been 20.9% and its BIS tier 1 capital ratio 19.6%.
Noting that estimates are by their nature based on judgment, currently available information and a variety of other factors, the amount of the provision reflects Julius Baer's existing understanding and the present state of the preliminary discussions with the Dal regarding the amount of an eventual settlement and may be subject to change. Whilst there is no defined timetable for a final settlement, Julius Baer continues to work towards closing this regrettable legacy issue as soon as possible.
Julius Baer's 2015 half-year results will be published on 20 July 2015.
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