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UBS earmarks €450M for French tax fraud case

UBS Group AG has set aside a total of €450 million to cover potential fines related to a tax fraud case in France.

In the Swiss banking group's 2018 annual report, Chairman Axel Weber and Group CEO Sergio Ermotti noted that the amount represents the "best estimate" of the potential fines the group may pay when the case is finalized.

A French court in February found the group and its UBS (France) SA unit guilty of aiding and abetting wealthy French customers to evade tax, imposing fines totaling a record €4.5 billion. UBS, which persistently denies any wrongdoing, criticized the decision and has since filed an appeal.

For full year 2018, the group booked total provisions for litigation, regulatory and similar matters of $2.83 billion, compared with $2.51 billion in 2017.