Julius Baer bank pays to settle German tax probes

Swiss private bank Julius Baer said Thursday it has agreed to pay 50 million euros ($72.4 million) to end tax evasion probes launched by German authorities against it and its employees. "With the aim to avoid lengthy and for both sides cumbersome legal proceedings, German authorities and Julius Baer have agreed on a one-time payment by the latter of 50 million euros," the bank said in a statement. "This will end the investigations against Julius Baer and unknown employees regarding undeclared assets of persons who are subject to taxation in Germany," it added. German authorities had launched the investigations after acquiring banking data as well as from information given by taxpayers when they voluntarily disclosed their assets. Julius Baer said that following the settlement payment, it would be "free from allegations" and that it could then concentrate on strengthening its business with German clients. The bank in February said its 2010 annual profits reached 504 million Swiss francs (386 million euros, 526 million dollars).