While announcing its full year 2014 profit, EFG said that its profit was adversely affected by exceptional legal and professional charges and provisions.

The bank reported a hit of  CHF 30.0 million in relation to the US Tax Program. ‘Good progress was made with account remediation during the third quarter, which will likely reduce the final penalty (now expected to be circa CHF 10.8 million, compared with CHF 21.4 million provided for during the first half of 2014), although legal and professional expenses will be higher as a result of the process taking longer than anticipated’ says the report.

EFG is believed to be nearing an agreement with the US authorities for having helped wealthy Americans avoid taxes.