French authorities have widened their probe of UBS (UBS), placing the Swiss bank under formal...

|About: UBS Group AG (UBS)|By:, SA News Editor

French authorities have widened their probe of UBS (UBS), placing the Swiss bank under formal investigation for possibly offering clients investments that were designed to evade taxes. Such an inquiry means there is "serious or consistent evidence" that can implicate a suspect in a crime. Last week, France put UBS's French unit under formal investigation.