French prosecutors have placed Swiss banking giant UBS under formal investigation over allegedly helping French clients evade taxes.
The bank was ordered to post bail of EUR1.1 billion, or about US$1.5 billion by 30 September 2014.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
In a statement, UBS said it considered the legal basis and calculation for the sum to be "deeply flawed" and announced it would appeal.
UBS is under investigation for allegedly encouraging tax evasion between 2004 and 2012 and has already been fined EUR10 million by French financial regulators for control failures that could have allowed clients to avoid taxes.
The bank is also the subject of investigations in Germany and Belgium.
In 2009, the Swiss bank was fined US$780 million by the US for helping its wealthy citizens avoid taxes.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataRecently, the OECD said countries had identified an estimated EUR37 billion of hidden taxes through voluntary disclosure by more than 500,000 taxpayers in recent years.
