The major Swiss bank UBS has to pay a fine of 1.8 billion euros for years of tax fraud in France.
That was the verdict of an appeals court in Paris on Monday.
It largely confirmed the first instance judgment issued in February 2019, but lowered the fine.
At that time it was 3.7 billion euros plus 800,000 euros in damages for the French state.
Niklas Záboji
Business correspondent in Paris
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UBS and some former employees were accused of inciting wealthy clients in France to tax fraud in 2004 and 2012.
They are said to have been offered at receptions, tennis tournaments and hunting parties to smuggle money past the French tax authorities.
The bank sent employees to France without a banking license.
Overall, it should be about assets of more than 10 billion euros.
UBS appealed the fine in the first instance.
She had denied having committed a crime.
The verdict was eagerly awaited.
It remained open at first whether UBS would initiate further legal action.
After the verdict was announced on Monday afternoon, UBS shares rose by almost 2 percent.
More on this shortly on FAZ.NET.