Credit Suisse said on Monday it has agreed an out of court settlement of €150m with the Public Prosecutor’s Office in Germany to end an investigation into its employees concerning tax evasion. The payment will be taken as a charge in the 3Q11.
Switzerland’s second largest bank said in a statement: “The entire proceedings are to be resolved,” and added “a complex and prolonged legal dispute has been avoided, with an agreed solution that provides legal certainty.”
The bank also said that it had been preparing for the changes in cross-border wealth management for a long time and pursues a strategy of only acquiring and managing assets in compliance with the applicable legislation and regulations.
