Credit Suisse settles tax dispute with Germany

Credit Suisse has agreed to pay €150 million (SFr180.8 million) to settle tax evasion proceedings against its employees in Germany, the bank announced on Monday.

This content was published on September 19, 2011 - 08:37 and agencies

Switzerland’s second largest bank said in a statement that it welcomed the settlement which provided legal certainty and meant that a “complex and prolonged legal dispute” had been avoided.

The public prosecutor’s office in Düsseldorf will submit the relevant applications to close proceedings against Credit Suisse to the Düsseldorf District Court on Monday.   

The deal follows the announcement of a tax treaty agreed between Switzerland and Germany in August which calls for Swiss banks to pay an upfront payment to Germany of SFr2 billion (€1.66 billion) to settle tax evasion disputes.

Credit Suisse said it had been preparing for changes in cross-border wealth management “for a long time” and pursues a strategy of only acquiring and managing assets in compliance with the relevant legislation and regulations.

In April, Zurich-based private bank Julius Bär reached a similar deal with German authorities, agreeing to a settlement of €50 million in order to avoid protracted legal proceedings over tax evasion cases.

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

You can find an overview of ongoing debates with our journalists here. Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at

Sort by

Change your password

Do you really want to delete your profile?

Your subscription could not be saved. Please try again.
Almost finished... We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.

Discover our weekly must-reads for free!

Sign up to get our top stories straight into your mailbox.

The SBC Privacy Policy provides additional information on how your data is processed.