The Zurich-listed firm has sought to clarify comments it made earlier last month about its status regarding a Department of Justice program affecting Swiss financial institutions.

Vontobel, the Zurich-listed private bank and investment house, has sought to clarify a statement made last month which it said might have implied that it had resolved its case under the umbrella US-Swiss program designed to clear up potential breaches of US tax laws.

In a statement issued late in December, Vontobel said it understands that its 22 December statement "may be unclear and may be read as implying that the bank resolved its case pursuant to the [US] program for Swiss banks or otherwise received a disposition from the Department of Justice. That is not the case".

The firms said its 22 December statement was intended to show that in 2013, Vontobel and its lawyers determined that the firm hadn't broken any tax laws and had "proactively engaged" in discussions with the DOJ before the US/Swiss program had been announced.

The US/Swiss agreement - signed by the US and the Alpine state's governments in 2013 - has seen dozens of Swiss financial institutions sign non-prosecution agreements and pay financial statements to draw a line under US claims of Swiss banks helping US citizens evade tax. The program provides institutions with the option to state if they think they were, or were not, at risk of breaking US laws.

Vontobel said it has not sought a non-prosecution agreement or applied for a non-target letter, and has received neither.

In January 2016, the US Department of Justice reached its final non-prosecution agreement under the Swiss Bank Program, through which it has imposed $1.36 billion in penalties on 80 banks since its first NPA with BSI in March 2015. The final deal under the program, which enables Swiss banks to avoid prosecution over undeclared US-related accounts, was made with HSZH Verwaltungs.