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Zurich Cantonal Bank, Switzerland's largest cantonal bank, has reached an "amicable" agreement with the German authorities to settle a dispute relating to undeclared accounts held by German taxpayers.
In a brief statement released on December 27, the bank disclosed that a one-off payment of EUR5.7m (USD6m) will be made to the judicial authorities in Cologne "in connection with untaxed assets of German customers."
According to the statement, the agreement has legal force in all German states.
The bank also said that the agreement covers "affected employees" of the bank.
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