Vontobel agrees mutual settlement with German authorities concerning untaxed assets held by German clients

Media Release 2/9/2018
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Payment fully covered by provisions, will have no financial impact on figures for current fiscal year.

Vontobel has agreed a mutual settlement with the authorities in the German state of North Rhine-Westphalia in connection with untaxed assets held by German clients. It will pay a one-off sum of approximately EUR 13.3 million.
Provisions for legal and litigation risks in this matter had already been taken out as at December 31, 2017.

The mutual agreement with the authorities in North Rhine-Westphalia, which applies to all German states, completes Vontobel’s efforts to rectify past mistakes. Vontobel’s main concern from the outset was to ensure clarity and legal security, particularly in the interests of its staff.

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At Vontobel we actively shape our future. We create opportunities and pursue them resolutely. We master what we do, and only do what we master. This way, we help our clients to move forward. As a globally active financial company with Swiss roots, we specialize in wealth management, active asset management and investment solutions. We empower our staff and expect them to take responsibility for their own actions and open up new perspectives. In our view, successful investing starts with taking responsibility. We continually question our own achievements because we aim to exceed our clients' expectations. The registered shares of Vontobel Holding AG are listed on the SIX Swiss Exchange. The Vontobel families’ close ties to the company guarantee our entrepreneurial independence. The gives us freedom, but it also obliges us to take our responsibility towards the company seriously. As at June 30, 2017, Vontobel’s client assets under management stood at around CHF 208 billion. Over 1,700 staff serve our clients in 21 locations around the world.