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Credit Suisse : Restrictions under Swiss laws delaying settlement with US says Credit Suisse

Credit Suisse : Restrictions under Swiss laws delaying settlement with US says Credit Suisse

ZURICH – Credit Suisse Friday assured shareholders that it is doing everything permissible as per Swiss laws to reach a settlement with U.S. authorities for having helped wealthy Americans to evade paying taxes, while reporting pre-tax income of 7.1 billion Swiss francs in its strategic businesses in 2013.

The US authorities have been investigating the cross-border business activities of Swiss banks, including Credit Suisse, for over three years to nail wealthy Americans who have used the strict banking secrecy laws ofSwitzerland to park funds and dodge paying taxes back home.

“Swiss law imposes certain restrictions, which limit the delivery of data to US authorities, and that has been an issue in this matter,” Credit SuisseChairman Urs Rohner told shareholders.

“We are doing everything we can to resolve this matter within the given framework of US and Swiss law, in the best possible way and in a timely manner.”

The resolution of the tax dispute is one of the most pressing issues currently facing Credit Suisse and holding up its restructuring plans.

Credit Suisse had already begun exiting the US cross-border business in 2008, the bank chairman stated adding, “We do not dispute that some foreign clients including US clients used Swiss banking confidentiality in order to deposit undeclared assets in Switzerland.

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