Swiss Migros Bank settles German charges it aided tax dodgers

Switzerland’s Migros Bank has agreed to pay German justice authorities around 2.4 million euros ($2.9 million) to settle allegations it allowed German clients in the past to hide assets from the taxman, the bank said on Monday.

“The solution that has been reached covers both the bank and its affected employees. The agreement is effective for all German states and brings corresponding legal certainty,” the bank, owned by the Migros cooperative, said in a statement.

With a balance sheet of more than 50 billion Swiss francs ($54.7 billion), Migros Bank is one of the five biggest mortgage lenders in Switzerland.

Swiss banks have paid other countries billions to settle charges they helped foreigners hide wealth. A long-running dispute with Germany is fading now that both countries and others automatically exchange data about bank accounts.