The agreement will end the investigations against Julius Baer and unknown employees regarding undeclared assets of persons who are subject to taxation in Germany.

The investigations were prompted by voluntary self-disclosures of German clients and by data acquired and collected by authorities.

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Swiss private bank in a statement said that the settlement would allow it to pursue its interests in Germany unencumbered by the distraction of a long and potentially high-profile legal action against customers or staff.

"With the aim to avoid lengthy and for both sides cumbersome legal proceedings, German authorities and Julius Baer have agreed to a one-time payment," the bank said.

Julius Baer’s move follows a similar step by the Liechtenstein bank owned by the principality’s ruling family, LGT.

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