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UBS head Ermotti takes to Paris's billion-verdict position

The UBS do not want to move away despite the in the first instance, imposed a record penalty in a trial in France of its dividend policy. For 2018, the propos

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UBS head Ermotti takes to Paris's billion-verdict position

The UBS do not want to move away despite the in the first instance, imposed a record penalty in a trial in France of its dividend policy. For 2018, the proposed dividend of 70 cents per share should not be touched, said Bank chief Sergio p. Ermotti on Friday in a conference call for analysts.

in Addition, the Swiss Bank will hold on to your dividend policy over the next few years: The Institute wants to increase the dividend in accordance with the Plan annually in the mid-to-high single-digit percentage range, and excess capital, preferably through share buy-backs to distribute. However, the UBS will take into account your business Outlook, and unforeseen events. The primary objective was, however, the dividends to hedge, said Ermotti.

A French court had sentenced the largest Swiss Bank in the process to aid tax evasion and money this week's Laundry to a penalty payment of EUR 4.5 billion. The Institute has, however, inserted immediately appeal. Thus, the judgment is not appealable. Up to a final decision, it is likely to go, according to market observers for several years.

To early for Details on the effects of

the specific financial impact and possible further provisions because of the judgment and wanted the Bank to for in mid-March, the planned publication of the annual report for 2018 or at the time of reporting for the first quarter (25.4.) Express, Ermotti. It is in this respect with regulators, especially-of course-the Swiss financial market Supervisory authority Finma, but also with the Board of Directors or the auditors in conversation to assess the Situation carefully. "But that will take time," said Ermotti.

According to the last quarterly report, the UBS provisions for the Global Wealth Management is likely to belong to which of the France case, of only 640 million US dollars and would have to be recorded according to the assessment of further large sums for provisions. This could lead, according to analysts, the capital ratios will decrease, and this according to the dividend policy could affect.

No impact on the business, so far,

consolation Ermotti from the customers and the own employees. The support of this side was very large, he said. In addition, we have so far seen no impact at all on the current business because of the France thing.

The UBS-tip once again stressed that they had been surprised by the judgment. There have been no signs that such a judgment would have to be expected, said General counsel Markus Diethelm. And Ermotti also said that it was not done in the process.

You will have cases in all of these is always the welfare of the Bank and its shareholders in mind, but not willing to pay any price for a comparison. He rejected in this context because any speculation about the amounts, which would have to pay UBS for the settlement of the dispute without a trial, as wrong.

frontal assault against judgment

UBS had attacked the French judicial authorities on the previous day, at the front. In a statement, they referred to the Paris-based judgment as "superficial, inconsistent, and contradictory". For example, a document had resulted from the comparison, that it was the court's decision "largely" to a "Copy and Paste"Version of the documents of the investigation authorities. Completely "unprecedented" and moreover, that the arguments and statements of the UBS, which were not answered by the court substantially.

The court acknowledged in its judgment that none of the respondents in the French UBS-have explained to the customer, to be in France of a Swiss client Advisor been contacted. At the same time, the court implied, then, but without any evidence, that all of these customers are unbelievable. Contradictory the calculation of the buses was also. (sda)

Created: 22.02.2019, 12:44 PM

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