RBS’s Coutts Unit Fined in Germany Over Alleged Tax Evasion

‘Royal Bank of Scotland Group Plc agreed to pay 23.8 million euros ($26 million) to settle allegations from German prosecutors that its Swiss Coutts & Co. Ltd. private bank helped some clients evade tax.

The Edinburgh-based lender said in February its Swiss unit, as well as current and former employees, were being investigated for alleged aiding and abetting of tax evasion. The bank has now “reached a settlement with the German authorities to resolve this matter,” a spokeswoman said by e-mail on Wednesday.

RBS agreed to sell the international business of Coutts to Switzerland’s Union Bancaire Privee in March as the Edinburgh-based lender retreats from global operations to focus on consumer and commercial banking in the U.K. and Ireland. It provided an indemnity to protect UBP from the German probe and kept the British part of the private bank, which includes Queen Elizabeth II among clients.’

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