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.
