VP Bank’s Swiss unit has decided to withdraw from the US Justice Department’s tax disclosure program.
VP?Bank (Switzerland) decided as a precautionary measure to participate as a category 2 bank in the US programme at the end of 2013 to settle the tax dispute between Swiss banks and the US.
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In a statement accompanying its half-year results, VP Bank said it had now concluded that it no longer needed to take part in the programme.
"Thorough internal investigations and external expert opinions showed that the conditions for continued participation did not exist," the statement read.
"VP Bank therefore withdrew from the US programme and the established provisions were reversed as of 30 June 2014."
VP Bank Group reported consolidated net income of CHF 11.1 million in the first half of 2014. It also recorded increases in client assets as well as adjusted total operating income.
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