Credit Suisse to pay €238m to settle private banking tax case

Swiss bank makes no admission of guilt under terms of the agreement

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Swiss banking group Credit Suisse has reached a settlement with the Parquet National Financier (PNF) to resolve allegations the bank helped its wealthy private banking clients in France stash undeclared funds in offshore accounts.

The settlement is a public interest fine comprising a profit disgorgement of €65.6m and the payment of an additional amount of €57.4m.

Also, Credit Suisse will pay €115m to the French state as damages. Overall, the bank will pay €238m (£206m, $233m) to settle the case.

Credit Suisse said in a statement: “The settlement does not comprise a recognition of criminal liability. The bank is pleased to resolve this matter, which marks another important step in the proactive resolution of litigation and legacy issues.”

This follows a similar case to another probe in France into UBS Group that culminated in penalties worth €1.8bn for the Swiss bank last year. But reports state that UBS has appealed the decision.

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