Julius Baer sees resolution to U.S. tax probe in foreseeable future

Reuters
The company logo is placed beside the entrance of the headquarters of Swiss bank Julius Baer in Zurich
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The company logo is placed beside the entrance of the headquarters of Swiss bank Julius Baer in Zurich May 28, 2013. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Swiss bank Julius Baer (BAER.VX) sees itself reaching an agreement with the U.S. authorities in a dispute over tax in the foreseeable future, its chief said on Wednesday, giving the clearest indication yet of when a resolution might be expected.

Baer is one of 14 Swiss banks being targeted by U.S. prosecutors for allegedly offering hidden offshore accounts to help clients avoid taxes.

"We are working closely together with the U.S. authorities and are fundamentally ready to reach a settlement. We are confident that this tax issue of the past can be resolved in the foreseeable future," said CEO Boris Collardi, according to pre-prepared comments due to be delivered at the private bank's shareholder meeting on Wednesday.

(Reporting by Alice Baghdjian; Editing by Mark Potter)

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