Arab Today, arab today credit suisse creates \bad bank\ unit for us clients
Last Updated : GMT 11:35:43
Arab Today, arab today
Arab Today, arab today

Credit Suisse creates \'bad bank\' unit for US clients

Arab Today, arab today

Arab Today, arab today Credit Suisse creates \'bad bank\' unit for US clients

Geneva - AFP

Swiss banking giant Credit Suisse, which could be facing loomingcriminal charges for helping Americans dodge taxes, has created a "bad bank" unitfor US clients, Swiss media reported on Tuesday.According to Swiss daily Tages Anzeiger, the bank aims to drop all funds belongingto US citizens not residing in Switzerland, into a newly created bank called CSInternational Advisors AG, headquartered in Zurich and with its own separate banking licence.The bank, Switzerland's second-biggest, has reportedly been informing its off-shoreUS clients of the shift in recent days.Credit Suisse did not immediately respond to requests for comment on the report.According to Tages Anzeiger though, the new bank is meant to shoulder the lionshare of the burden if Washington decides to press criminal charges and drag CreditSuisse to court.Peter Kunz, an economy professor at the University of Bern, told the paper CreditSuisse could expect the consequences of any future litigation to be "a bit lessserious" for the whole group once it implements the new system.A senior US official told AFP on Monday that the probe of Credit Suisse's pastpractice of helping its wealthy US clients evade taxes by sheltering their fundsabroad was almost complete and that criminal charges could be brought within "afew weeks."And the Wall Street Journal reported that Credit Suisse was about to reach anagreement with the Justice Department that would see it plead guilty and pay a $1.0billion fine.In 2009, Switzerland's largest bank UBS was forced to acknowledge it had used Swissbanking secrecy laws to help its US clients avoid paying taxes at home, and had todish out a $780-million fine to US tax authorities.Credit Suisse has put aside $895 million Swiss francs ($1.0 billion) to cover any USpotential fine. A damning Senate report found that the bank at its peak in 2006 had more than22,000 US customers with Swiss accounts whose assets stood as high as $12 billion --mainly undeclared to US tax authorities.Chief executive Brady Dougan apologised in February to US senators for the bank'sactions, conceding it had undertaken elaborate efforts to gain new, secret Americanclients, but blamed the wrongdoing on a small band of rogue employees.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today credit suisse creates \bad bank\ unit for us clients Arab Today, arab today credit suisse creates \bad bank\ unit for us clients

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today credit suisse creates \bad bank\ unit for us clients Arab Today, arab today credit suisse creates \bad bank\ unit for us clients

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday