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VP Bank Group has reported to expect higher net income for the first half of 2017 as compared to the same period in the previous year. This includes provisions for a single payment which is to be made to the German authorities as part of an agreement. Performance over the first semester of 2017 was very positive. Therefore, assuming that market conditions remain unchanged, Group net income for the first half of 2017 is expected to exceed the prior-year level (CHF 24.4 million).
The agreement reached with the authorities in North Rhine-Westphalia represents a comprehensive solution to the issue of untaxed assets belonging to German clients and applies to all German federal states. It is intended to create transparency and legal certainty. The agreement comprises VP Bank...
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