St. Gallen, 17. September 2015

St.Galler Kantonalbank (SGKB) has reached an agreement with the U.S. Department of Justice (DOJ) under the Swiss Bank Program. SGKB agreed to a one-time payment of USD 9,481 million.

In December 2013, St.Galler Kantonalbank chose to participate in category 2 of the Swiss Bank Program to resolve tax issues of its U.S. clients. After an extensive review of its client portfolio and an intensive dialogue with the DOJ SGKB signed a Non-Prosecution Agreement (NPA) to reach a final resolution. A one-time payment of USD 9,481 million is linked to the NPA.

The DOJ acknowledged SGKB's good cooperation. The bank never focused its business activities on U.S. clients and it never financially incentivised its employees to attract clients with undeclared assets.

With this agreement, SGKB has completed the Swiss Bank Program. Pending are the agreements with SGKB's former subsidiaries Hyposwiss Zurich and Geneva, which both independently are negotiating with the DOJ.

Media contact

St.Galler Kantonalbank
Simon Netzle
Media Spokesman
St. Leonhardstrasse 25
9001 St. Gallen
+41 (0)71 231 32 18

Contact for investors and analysts

St. Galler Kantonalbank
Adrian Kunz
Investor Relations
St. Leonhardstrasse 25
9001 St.Gallen
+41 (0)71 231 32 04

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