While announcing its 1st half results, the Basler Kantonalbank (BKB) confirmed their $100m provision to settle the US tax dispute. BKB is a category 1 bank, i.e. it was already under investigation by the US Department of Justice at the time of publication of the US Program on August 29, 2013. Hence it was excluded from the US Program. The settlement and fine for this category is negotiated on an individual basis.
The half-year profit improved only by 1.5% to $40m. The numbers were influenced by operational factors and strategic realignment.
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