Under US Tax Program, the Department of Justice (DoJ) announced today that Piguet Galland & Cie SA (Piguet Galland), a subsidiary of Banque Cantonale Vaudoise, reached a solution in the tax dispute. Piguet Galland will pay a penalty of $15.365m.The bank signed a Non-Prosecution Agreement (NPA) and will continue to cooperate with the department.

As a reminder Piguet Galland evolved through the combination of three Swiss private banks focused on wealth management.  In November 2003, Banque Franck SA acquired the client relationships of Banque Galland & Cie SA to become Franck Galland & Cie SA. Until 2011, Piguet & Cie (Banque Piguet) was a separate entity, majority-owned by Banque Cantonale Vaudoise (BCV). In spring 2011, BCV acquired Franck Galland from its owner, a US financial group, and then merged it with Banque Piguet to form the current entity, Piguet Galland. Today the BCV owns Piguet Galland.

In Piglet Galland’s NPA we learn that since August 2008, Piguet Galland and its predecessor banks held 337 US-related accounts, with aggregate assets under management of $441m. Piguet Galland will pay a penalty of $15.365m