Royal Bank of Scotland (RBS) has agreed to pay EUR23.8m to German prosecutors to settle allegations that the Swiss operation of its private banking arm Coutts helped some clients dodge taxes.
The investigation, which was revealed in February 2015, followed the leak of details of 100,000 accounts at HSBC’s Swiss banking business. The probe covered a 10-year period until 2014.
German prosecutors investigated current and former employees of the private bank’s Zurich and Geneva offices.
It is believed that the settlement involves immunity for any current for former staff.
Edinburgh-based RBS agreed to sell Coutts International to Union Bancaire Privée UBP SA (UBP) in March 2015 as part of its strategy to shrink global operations to focus mainly on consumer and commercial banking in its home market.