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UBS says French authorities set 1.1 billion euro bail in tax probe

Reuters

ZURICH (Reuters) - UBS (UBSN.VX) said it was notified on Wednesday that a 1.1 billion euro (869 million pounds) bail will be set after the Swiss bank was placed under formal investigation in France on suspicion that it helped wealthy French customers avoid tax authorities.

"We consider both the legal basis for the bail amount and the method of calculation to be deeply flawed and will appeal," the Zurich-based bank said in a statement to Reuters on Wednesday.

"We were also informed that UBS AG was placed under "mise-en-examen" (formal commencement of an investigation) for laundering the proceeds of tax evasion. We will continue to defend our case strongly," the bank said.

(Reporting By Katharina Bart; Editing by Victoria Bryan)