July 12, 2013 / 5:58 AM / 4 years ago

UBS's German offices searched in ongoing tax probe of clients

FRANKFURT (Reuters) - UBS UBSN.VX said some of its German offices were searched in connection with an ongoing tax probe of the Swiss bank’s clients, confirming an earlier media report.

Unidentified persons enter the building of world largest asset manager, UBS bank in Munich February 19, 2008. REUTERS/Michael Dalder

The Wall Street Journal Deutschland earlier said, citing financial sources, that several offices of UBS in Germany had been searched by authorities in recent days.

The searches were aimed at recovering documents that would shed light on possible tax avoidance by UBS customers, the paper quoted state prosecutors in Bochum as saying.

UBS said the searches dated back to a probe started in 2012, rather than a new investigation.

“UBS Deutschland AG is not the target of the exercise. UBS does not tolerate activities aimed at helping clients to avoid their tax obligations,” UBS said in a statement.

Reporting by Jonathan Gould and Christoph Steitz; Editing by Mark Potter

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