EFG International said it had agreed to pay a $29.98 million penalty to the US Department of Justice under the US tax resolution programme.

This figure is higher than the $10.8 million already provided for, primarily as a result of certain clients “taking actions inconsistent with the information they had provided," the bank said.

“EFG International believes the agreement reached is positive for the business, removes a major source of uncertainty and will enable senior management to devote more of their time to delivering profitable growth,” it added.

The non-prosecution resoluti...