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Swiss banking large UBS has been fined €three.7bn (£three.2bn; $four.2bn) in a French tax fraud case.

A courtroom in Paris discovered that the financial institution had illegally helped French purchasers conceal billions of euros from French tax authorities between 2004 and 2012.

UBS has denied any wrongdoing and a lawyer representing the agency stated it will enchantment towards the ruling.

Following comparable instances within the US in 2009 and Germany in 2014, the financial institution accepted multi-million pound fines.

The penalties embrace a €three.7bn effective in addition to damages of €800m payable to the French state.

The financial institution has put aside $2.46bn to cowl potential losses from litigation and regulatory necessities.

French prosecutors stated UBS was “systematic” in its assist to tax-evading clients and that the laundering of proceeds from the tax fraud was performed on an “industrial” scale.