UBS has been ordered by a French appeals court to pay €1.8bn regarding a tax evasion case. in 2019, UBS was found guilty of helping rich clients evade paying tax post which the court ordered a €3.7bn fine and an additional €800m in damages. UBS appealed against it then and on Monday was handed penalties consisting of €800m in civil damages, a €1bn confiscation order and a €3.75mn fine with the bank having  five days to appeal against it. Andrew Coombs, an analyst at Citi said that the reduction in the penalty will place “UBS in a strong position to announce bigger buybacks with the full-year results and strategy update on 1 February,”

UBS’s dollar bonds were flat with its 5% Perp at 100.31, yielding 4.7%.

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