The Zurich-listed bank faced claims of some clients holding untaxed assets.

Switzerland-headquartered Vontobel on Friday announced it has drawn a line under claims that it was holding untaxed assets of German clients, paying a one-off sum of around €13.3 million ($16.3 million) to settle the matter.

Vontobel said provisions to pay legal and litigation risks in the matter had been taken out as at December 31, 2017.

“The mutual agreement with the authorities in North Rhine-Westphalia, which applies to all German states, completes Vontobel’s efforts to rectify past mistakes. Vontobel’s main concern from the outset was to ensure clarity and legal security, particularly in the interests of its staff,” it said in a statement.