UBS France Revenue Up 10% as Bank Talks With Authorities
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UBS AG’s French unit has boosted revenue by 10 percent in the first half as it returns to profit, and is cooperating with legal authorities who penalized the bank for failing to prevent tax fraud, according to its top executive.
The French unit of Switzerland’s largest bank, which was fined 10 million euros ($13 million) for deficient controls yesterday, has more than 9 billion euros under management from wealthy clients, up from about 8 billion euros a year ago, Jean-Frederic de Leusse, UBS France’s chief executive officer, said in an interview in Paris. Asked about the fine, he said he understands “neither the scope nor some of the reasoning behind this decision.”