The Swiss Financial Market Supervisory Authority has concluded its investigation proceedings against Bank Julius Baer.

Julius Baer Group said the Swiss Financial Market Supervisory Authority has terminated enforcement proceedings against the bank, and the bank has submitted an application for a share buyback. In a statement on Tuesday, the bank said: "Notes that the Swiss Financial Market Supervisory Authority announced today that the consolidated enforcement proceedings have been concluded. These proceedings related to significant credit events in the former private debt business, as well as historical anti-money laundering-related legacy issues in certain client segments." CEO Stefan Bollinger said in the statement that the bank has "reached an important milestone." Julius Baer confirmed that it has submitted an application for a share buyback program to the Swiss Financial Market Supervisory Authority, pending final approval. The announcement said the bank is required to maintain an additional 250 million Swiss francs in Common Equity Tier 1 capital, corresponding to an effective minimum Common Equity Tier 1 capital adequacy ratio requirement of 9.4%, down from the previous additional capital requirement of 500 million Swiss francs.